Investors tender 16.54% shares for Adani Group offer on Day 3
MUMBAI : Shares tendered by NDTV investors for Adani Group’s offer stood at 27.72 lakh shares (16.54%) as on the third day against the offer size of 1.67 crore shares.
The open offer by Adani Group’s wholly owned subsidiary VCPL to acquire an additional 26% in NDTV runs from November 22-December 5.
The share price of NDTV rose 2.4% to ₹367.25 apiece on Thursday . A total 13,146 shares changed hands on the BSE. Delivery as a percentage of traded quantity stood at 100% .
The share trades at a premium of nearly 25% to the offer price of ₹294 apiece .
The open offer size is ₹492.81 crore at the price of ₹294 a share.
The shares are being acquired through the open offer by VCPL, a wholly owned subsidiary of AMG Media Networks , in turn a wholly owned subsidiary of Adani group . AMG and Adani Enterprises are persons acting in concert with the acquirer.
Adani acquired VCPL which had lent over ₹400 crore to NDTV’s founders over a decade ago , by which it indirectly acquired 29.18% in the media group , triggering an open offer .
JM Financial is the book runner for the offer .
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.