Adani open supply: Nearly 28 lakh NDTV shares tendered by day 3

NEW DELHI: Nearly 28 lakh shares have been tendered by shareholders of NDTV below the Adani group‘s open supply on the finish of the third day on Thursday.
Adani group’s open supply to accumulate a further 26 per cent stake within the media agency New Delhi Television (NDTV) began on Tuesday.
According to the information from BSE, a complete of 27,72,159 NDTV shares amounting to 16.54 per cent of the supply dimension have been tendered by the shareholders by 1600hrs on Thursday.
Adani’s supply value is Rs 294 per share, whereas NDTV shares settled at Rs 368.40 on Thursday, which is 25.3 per cent greater in comparison with the supply value.
In the final three months, NDTV shares reached a excessive of Rs 540.85 on September 5, 2022.
The supply closes on December 5, a discover by JM Financial, the agency managing the supply on behalf of Adani Group companies, mentioned.
Markets regulator Sebi on (*28*) 7 granted its approval to the proposed Rs 492.81 crore-open supply.
The conglomerate, run by India’s richest man Gautam Adani, in August acquired a little-known firm that lent over Rs 400 crore to NDTV’s founders greater than a decade in the past in trade for warrants that allowed the corporate to accumulate a stake of 29.18 per cent within the newsgroup at any time.
Post that, VCPL – the agency that the Adani group purchased out – introduced that it might launch an open supply on October 17 to purchase a further 26 per cent stake from minority shareholders of NDTV. However, the supply was delayed since Sebi had not given its approval to the open supply.
VCPL together with AMG Media Networks and Adani Enterprises Ltd had proposed to accumulate a further 26 per cent or 1.67 crore fairness shares at a suggestion value of Rs 294 per share.
If totally subscribed, the open supply will quantity to Rs 492.81 crore at a value of Rs 294 per share.
On Thursday, shares of NDTV closed at Rs 368.40 on BSE, up 2.65 per cent.

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