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Home / Business / Gautam Adani poised to be largest shareholder of NDTV

Gautam Adani poised to be largest shareholder of NDTV

Corporate investors have offered the most at 39.34 lakh shares while retail investors have offered a little over 7 lakh shares
Gautam Adani
Gautam Adani
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PTI   |   New Delhi   |   Published 05.12.22, 01:31 AM

Billionaire Gautam Adani’s group has found investors willing to sell over 53 lakh shares of NDTV despite the deep discount to the stock’s current trading price, giving it the rights — which it may or may not exercise — to nominate a chairman of the broadcaster.

The open offer, made after Adani group acquired a little-known firm that gave it an indirect holding over 29.18 per cent stake in NDTV, closes on December 5, according to a stock exchange notification.

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Against the offer to buy 1.67 crore shares, or 26 per cent of equity — from NDTV’s minority investors at a price of Rs 294 apiece, Adani group has received offers for 53.27 lakh shares, according to data available on the National Stock Exchange (NSE) website.

Corporate investors have offered the most at 39.34 lakh shares while retail investors have offered a little over 7 lakh shares. Qualified institutional buyers (QIBs) have tendered 6.86 lakh shares, according to the NSE data which did not identify either the corporates or QIBs who have offered to sell their shares.

The offer price of Rs 294 per share is a deep discount to the Rs 414.40 closing price of NDTV stock on the BSE on Friday.

The shares tendered so far equal 8.26 per cent of NDTV. Together with the 29.18 per cent stake, Adani group has already acquired, the ports-to-energy conglomerate would have a 37.44 per cent stake — larger than the 32.26 per cent holding of founders Prannoy Roy and Radhika Roy.



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