October 8, 2022

New Delhi, Aug 30 (PTI) The Adani Group will make an open provide on October 17 to accumulate an extra 26 per cent stake in media firm NDTV.

In response to the commercial issued by JM Monetary, which is managing the provide, the provide will in all probability shut on November 1. Beneath the open provide, the Adani Group will purchase 1.67 crore fairness shares. The share value for this has been fastened at Rs 294 per share.

If the provide is absolutely subscribed, its complete worth at Rs 294 per share could be Rs 492.81 crore.

The Adani Group on 23 August acquired Vishwapradhan Business Pvt Ltd. (VCPL) by acquisition of 29.18 per cent stake in NDTV. VCPL holds 99.99 per cent stake in RRPR Holding.

Subsequently, Adani group firms – VCPL, AMG Media Networks and Adani Enterprises – had proposed to accumulate an extra 26 per cent stake i.e. 1.67 crore fairness shares in NDTV.

The announcement got here days after the founders of NDTV had mentioned that the deal couldn’t go forward with out the approval of the Securities and Trade Board of India (SEBI).

SEBI, by an order handed on November 27, 2020, had banned NDTV’s founders Radhika Roy and Prannoy Roy from buying and selling within the securities marketplace for two years. This moratorium interval ends on November 26.

Supply: navbharattimes.indiatimes.com

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