Active Stocks
Fri Mar 01 2024 15:59:51
  1. Tata Steel share price
  2. 150.00 6.46%
  1. State Bank Of India share price
  2. 769.30 2.67%
  1. Tata Motors share price
  2. 977.20 2.78%
  1. ITC share price
  2. 409.50 0.74%
  1. ICICI Bank share price
  2. 1,086.90 3.18%
Business News/ Companies / News/  Adani Group to launch open offer for NDTV on 22 November
BackBack

Adani Group to launch open offer for NDTV on 22 November

As per the filing, the Adani open offer is now proposed to open for subscription on 22 November and will close on 5 December.

Gautam Adani, chairman of Adani Group (Bloomberg)Premium
Gautam Adani, chairman of Adani Group (Bloomberg)

Mumbai: Adani group on Friday announced a revised timeline for its proposed open offer to acquire 26% public shareholding in NDTV, the news broadcaster said in a filing to stock exchanges.

As per the filing, the Adani open offer is now proposed to open for subscription on 22 November and will close on 5 December.

The previous timeline for the open offer by Adani was 17 October to 1 November.

In August, Gautam Adani-led entities had acquired a lesser known company called Vishvapradhan Commercial Pvt Ltd (VCPL) which had lent over 400 crore to NDTV founders. VPCL had lent the amount more than a decade ago in exchange for warrants that allowed it to acquire a stake of 29.18% in NDTV at any time.

VCPL with AMG Media Networks and Adani Enterprises Ltd have proposed to acquire an additional 26 per cent or 1.67 crore equity shares at an offer price of 294 per share.

NDTV promoters had contested the open offer and the acquisition of VCPL stake, asserting that the deal cannot go ahead without Sebi's nod as well as that of the Income Tax Department.

Adani group had previously rejected claims that the stake sale would require clearance from tax authorities.

The promoters of NDTV had claimed that they were completely unaware of the takeover and it was done without their consent.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 11 Nov 2022, 10:06 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie