Investors tender 16.54% shares for Adani Group offer on Day 3


MUMBAI : Shares tendered by NDTV investors for Adani Group’s offer stood at 27.72 lakh shares (16.54%) as on the third day against the offer size of 1.67 crore shares.

The open offer by Adani Group’s wholly owned subsidiary VCPL to acquire an additional 26% in NDTV runs from November 22-December 5.

The share price of NDTV rose 2.4% to 367.25 apiece on Thursday . A total 13,146 shares changed hands on the BSE. Delivery as a percentage of traded quantity stood at 100% .

The share trades at a premium of nearly 25% to the offer price of 294 apiece .

The open offer size is 492.81 crore at the price of 294 a share.

The shares are being acquired through the open offer by VCPL, a wholly owned subsidiary of AMG Media Networks , in turn a wholly owned subsidiary of Adani group . AMG and Adani Enterprises are persons acting in concert with the acquirer.

Adani acquired VCPL which had lent over 400 crore to NDTV’s founders over a decade ago , by which it indirectly acquired 29.18% in the media group , triggering an open offer .

JM Financial is the book runner for the offer .

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