Adani Power

A third of Adani’s NDTV offers subscribe despite the superb discount | Rare Techy


Adani Group has found an investor willing to sell 5.3 million shares of Indian broadcaster New Delhi Television Ltd. — or roughly a third of the entire size of the open offer — despite a steep discount to current stock levels, strengthening the conglomerate’s hostile takeover. bid.

The category of corporate investors has offered the most 3.9 million shares while retail investors have offered to sell a little more than 706,000 shares to the port-to-power conglomerate and qualified Institutional buyers make up the rest, according to data available in National Shares. Exchange website. All shares offered will receive a fixed price of 294 rupees ($3.6) a piece, which is 27% lower than Monday’s closing price for NDTV.

The exchange disclosure did not name the fund or institution that offered to sell its NDTV shares.

The conglomerate, led by Asia’s richest man Gautam Adani, is running an open offer until December 5 to buy as many as 16.76 million shares — or 26% of the equity — from NDTV’s minority investors. The requirement to hold the offer open was triggered after the Adani Group bought a 29.18% direct stake in the media firm in August. NDTV founders Prannoy Roy and Radhika Roy, who said they had no knowledge of Adani’s purchase or consent to it, own a 32% stake in the broadcaster.

The takeover bid has raised concerns about press freedom in the world’s largest democracy as NDTV is considered one of the few local media outlets relatively critical of India’s federal government. Adani told the Financial Times this month that he plans to elevate NDTV to make it an international media group and asked Roy to stay on as chairman.

The open offer was approved by India’s capital market regulator earlier this month. Adani Group is on a breakneck expansion spree as the tycoon diversifies beyond its coal-based business into airports, digital centers, cement, green energy and now media.

NDTV shares have rallied following Adani’s interest in the company. They have risen nearly 250% this year and are on track for their best annual profit since their trading debut in 2004.

This story has been published from the wire agency feed without modification to the text.

Know your inner investor
Do you have nerves of steel or are you an insomniac from your investments? Let’s define your investment approach.

Take the exam

Catch all Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download Mint News App to get Daily Market Updates.

More Less


Source link

Related Articles

Back to top button