The open offer by Adani Group for acquiring equity shares of New Delhi Television Limited (NDTV) is seeing a steady inflow of shares on a daily basis with a total of 39.35 lakh equity shares already been tendered till Friday.
This represents 23.48 per cent of the maximum offer size of nearly 1.68 crore equity shares. The open offer price has been fixed at Rs 294.
Interestingly, shares continue to be tendered in the open offer even as the market price is rising steadily and is currently nearly 32 per cent higher than the open offer price.
On Friday, shares of NDTV gained 5 per cent, or Rs 18.40, to close at Rs 386.80.
The open offer has been triggered after Adani Group indirectly bought a stake of 29.18 per cent in the media company by acquiring the shares of Vishvapradhan Commercial Private Limited, which, in turn, acquired the shares held by RRPR Holding Private Limited, a promoter group company of NDTV.
If the total equity base of the media major is taken into account, the cumulative shares tendered in the open offer represent 6.10 per cent stake of the listed entity.
The open offer will close on December 5.
