Shares of NDTV fell nearly 5 per cent in Monday’s trade on the last day of the open offer by Vishvapradhan Commercial Private, AMG Media Networks and Adani Enterprises Limited for an additional 26 per cent stake in the media firm. ┬аThe scrip fell 4.68 per cent to hit a low of Rs 395 on BSE. A total of 21,000 NDTV shares changed hands so far against a two week average of 59,000 shares. Against a buy order of 3,483 shares, the scrip had sell orders of 17,218 shares on BSE at 10.30 am.
Against the issue size of 16,762,530 shares, the open offer had received bids for 53,27,522 shares (32 per cent of the size), even as the offer price stood at Rs 294 a piece. Data showed 6,86,000 shares were tendered by qualified institutional buyers, 39,34,828 shares by corporates under the non-institutional category and 7,06,694 shares by individuals.
Sebi gave its final comments on the proposed Rs 492.81 crore-open offer on November 7. The open offer kicked off on November 22.
Last quarter, a wholly-owned subsidiary of the Adani Group, AMG Media Networks, acquired 100 per cent stake in Vishvapradhan Commercial Private (VCPL). VCPL held warrants of RRPR Holding Private Limited (RRPR), a promoter company holding 29.18 per cent stake of NDTV.
Vishvapradhan Commercial along with AMG Media Networks and Adani Enterprises are now looking to acquire the additional stake in the media firm via open offer. Prannoy Roy and Radhika Roy 16.32 per cent and 15.94 per cent, respectively, in NDTV as of September 30.
Among NDTV’s biggest public shareholders is LTS Investment Fund, which owns a 9.75 per cent stake in the company. As per publicly available data with Trendlyne, LTS Investment Fund held 12 domestic stocks worth Rs 16,966 crore and owned 1.1-1.7 per cent stake in three Adani Group companies namely Adani Transmission, Adani Enterprises and Adani Total Gas. LTS Investment probably exited Adani Power in the September quarter, as per Trendlyne data.
Also Read:┬аThe Roys have exited RRPR, but are still a part of Adani-controlled NDTV
