Active Stocks
Tue Apr 16 2024 15:59:30
  1. Tata Steel share price
  2. 160.05 -0.53%
  1. Infosys share price
  2. 1,414.75 -3.65%
  1. NTPC share price
  2. 359.40 -0.54%
  1. State Bank Of India share price
  2. 751.90 -0.65%
  1. HDFC Bank share price
  2. 1,509.40 0.97%
Business News/ Companies / News/  Adani's open offer for NDTV subscribed by 32%, to end on 5 Dec
BackBack

Adani's open offer for NDTV subscribed by 32%, to end on 5 Dec

Vishvapradhan Commercial along with AMG Media Networks and Adani Enterprises launched the open offer to acquire an additional 26% stake in NDTV. The floor price for the offer is set at ₹294 per equity share.

The open offer is set to close on December 5, 2022. (HT)Premium
The open offer is set to close on December 5, 2022. (HT)

Adani Group's open offer witnessed a subscription of nearly 32% of the media firm New Delhi Television (NDTV) shares by end of December 2. The open offer which began on November 22 is set to close on December 5, 2022. Vishvapradhan Commercial along with AMG Media Networks and Adani Enterprises launched the open offer to acquire an additional 26% stake in NDTV. The floor price for the offer is set at 294 per equity share.

As per BSE data, Adani's open offer received nearly 53.28 lakh subscriptions of NDTV shares --- 31.79% of the total offered size of over 1.67 crore equity shares.

On Friday, NDTV shares closed at 414.40 apiece down by 2.61% on BSE. Its market cap is around 2,671.69 crore.

Adani Enterprises completed the acquisition of Vishvapradhan Commercial during Q2FY23. Along with Vishvapradhan and AMG Media, Adani launched an open offer to acquire 1.67 crore equity shares or 26% in NDTV aggregating to 492.81 crore.

The open offer was launched on November 22 at a floor price of 294 per share having a face value of 4 each in NDTV.

The floor price is at a discount of over 29% compared to the current market price of NDTV ( 414.40 apiece). However, the open offer began at a discount of 23.2% compared to the market price of NDTV on November 21 ( 382.80 apiece) just a day before the launch.

If the open offer is fully subscribed, NDTV will garner 492.81 crore at the floor price. However, by end of December 2nd, the open offer witnessed over 156.64 crore at the floor price. The transaction is in cash consideration.

Initially, Adani had planned to run the open offer on October 17, however, delayed as Sebi did not grant its approval. But later Vishvapradhan Commercial along with AMG Media Networks and Adani Enterprises announced an open offer to acquire an additional over 1.67 crore equity shares or 26%. Following this, Sebi granted its approval for the open offer on November 7.

In its Q2 press release, Adani Enterprises said AMG Media completed the acquisition of Vishvapradhan Commercial and awaiting the conversion of warrants into shares from NDTV. AMG Media is a wholly-owned subsidiary of Adani which was incorporated in April this year.

On BSE, Adani Enterprises stock ended at 3,921.45 apiece up by 6.55 or 0.17%. Its market cap is around 4,47,045.74 crore. Adani Enterprises which is the flagship company of Adani Group is the tenth largest firm in terms of market share.

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!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 04 Dec 2022, 03:13 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App