Adani Group said it would pay an additional amount of Rs 48.65 per share to those who tendered NDTV shares under the open offer.
The said payment would be completed by February 28, 2023, the company stated in an exchange filing on Tuesday.
Adani Group acquired a 29.18 per cent stake in NDTV by buying a company backed by the television network’s founders, Radhika Roy and Prannoy Roy. Thereafter, it made an open offer to acquire an additional 26 per cent from public shareholders.
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On December 30, Adani said it has acquired a 27.26 per cent equity stake in NDTV from Roys at a share price of Rs 342.65 and gained control of the New Delhi-based news broadcaster.
The open offer was set at Rs 294 apiece and after today’s announcement, it would match the per share purchase price paid to Roys.
Adani said Vishvapradhan Commercial Pvt Ltd (VCPL), a subsidiary of Adani Enterprises, through KFin Technologies (registrar to the open offer) would send correspondence to the shareholders.
Adani Group had acquired VCPL at a value of around Rs 113.75 crore through AMG Media Networks.
Meanwhile, Indian equity benchmarks slipped into the red amid volatile trade, dragged by losses in automobile, consumer goods and metal stocks.
Five out of the seven listed Adani Group stocks traded lower in afternoon deals. Adani Green Energy and Adani Total Gas rose as much as 1.22 per cent, despite overall weakness in the domestic benchmarks.
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Shares of NDTV climbed 1.59 per cent to trade at Rs 344.65 today.