Adani’s open offer for NDTV subscribed 10.76% on the second day

After a poor response on the first day, Adani Group managed to receive bids for 18.02 lakh shares (or 10.76 per cent) of New Delhi Television (NDTV) on the second day of its open offer, data on the BSE Web site showed.

The Adani Group already has 29 per cent stake in NDTV and it had announced an open offer to acquire 167 lakh shares or 26 per cent stake more. The open offer started on November 22 and would end on December 5.

The open offer price, at which shares would be acquired by Adani Group, has been set at ₹294 per share. On Wednesday, the share price of NDTV declined 4.61 per cent to close at ₹358.9 on the BSE and ₹361 on the NSE. Still, those who may have wanted to sell a large chunk of shares offered it in the open offer, analysts said. The Hindu BusinessLine