Adani Group to pay additional price for NDTV shares bought under open offer

This takes the offer price to ₹342.65 per share, matching what Adani Group had paid NDTV founders when they sold their stake to the conglomerate last week. NDTV’s open offer price was ₹294 per share and the promoter transfer price was ₹342.65 per share.

Adani had unveiled plans late in August to acquire a majority stake in NDTV. NDTV initially said the move was “executed without any input from, conversation with, or consent of” its founders, but later, the conversion was agreed to. 

Adani Enterprises launched the open offer to acquire an additional 26% stake in NDTV from November 22, 2022 till December 5, 2022. That open offer found investors willing to sell over 53 lakh shares of NDTV despite the deep discount on the stock’s trading price.

Last week, the media firm said that its founders Prannoy Roy and Radhika Roy had resigned as directors after billionaire Gautam Adani’s conglomerate took majority control of the company. Along with the Roys, four other independent directors also resigned, effective December 30, NDTV had said in a statement.

Adani Enterprises Ltd, through subsidiaries RRPR Holding and Vishvapradhan Commercial, now owns 64.72% of NDTV, which runs three national channels. NDTV will give Adani Group a footprint in the media space as part of its broader diversification spree that has led to the expansion of the conglomerate beyond coal mining and ports into airports, data centres, cement and digital services. The Roys will continue to hold a 2.5% stake each in NDTV, according to the statement.

Shares of NDTV were trading nearly 2% higher at ₹345 apiece on the BSE in Friday’s afternoon deals whereas that of Adani Enterprises were down nearly a per cent at ₹3,817 per share.