BackAdani Group open offer for NDTV ends with 31.79% subscription
Against the offer size of around 1.68 crore shares, investors had tendered 53.27 lakh shares or 31.79% as of 9:30 am
PremiumMumbai: NDTV shares settled 4.94% lower at ₹393.9 apiece as Adani Group's open offer for the broadcaster ended Monday. The open offer garnered 31.79% or 53.28 lakh shares against the 1.67 crore size as of 4 pm on December 5.
The share has fallen 12% over the past three sessions from a high of ₹447.70 to Monday's closing of ₹393.9.
The open offer price of ₹294 was at at a 25% discount to CMP. Investors who didn't tender might have found the offer price less attractive , according to an analyst who asked not to be named.
Along with NDTV promoter company RRPR’s transfer of 29.18% to the Adani Group and shares submitted under the open offer so far , Adani Group subsidiary VCPL’s shareholding in NDTV now stands at 37.4% , exceeding the combined shareholding of Radhika and Prannoy Roy of 32.26% as of September quarter end .
Interestingly , the name of Chennai based investor Dolly Khanna who held 1% of NDTV’s equity as of the June quarter end , doesn’t figure in the September quarter end shareholding .
A total of 182 bodies corporate who held 9.61% of the company’s equity at June end raised their holding to 9.86% with 32 more corporates taking their number to 214.
The number of retail shareholders rose to 55446 holding 9.29% as on the quarter ended September from 29691 holding 8.52% of NDTV’s equity as of June end.
The open offer by Adani Group’s wholly owned subsidiary VCPL to acquire an additional 26% in NDTV runs from November 22-December 5.
Of the 48793 shares traded , all were delivered on Monday in the secondary market .
An open offer is triggered when an entity acquires more than 25% in a company. The price is the higher of the volume weighted average price of the share over 52 weeks, or the highest price paid by the acquirer over 26 weeks prior to the offer announcement.
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