Gautam Adani-led Adani Group has today confirmed that its subsidiary company is going to acquire a 29.18% stake in the media giant NDTV. The Adani group of companies is going to launch another 26 percent stake in the media house as an open offer. According to the rules of the Securities and Exchanges Board of India (SEBI), an entity that acquires more than 25 percent stake in a company gets the right to launch an open offer.
An open offer means the acquirer company invites the shareholders of the target company to buy shares at a particular price. According to the official press note from the Adani group, Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL) has exercised the rights to acquire 99.5 percent of the equity shares of the RRPR Holding Private Limited (a promoter group of NDTV).
According to some media houses, the Adani group made an open offer of Rs. 493 Cr for the announced 26 percent stake in NDTV which makes Rs. 294 per share.
