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Adani Group Fixes Tentative Open Offer Date For NDTV: Check Details
Adani Group led by the world's third richest person has come up with the tentative commencement date for the open offer for NDTV as October 17. This is following the ports-to-power conglomerate's plan to take over 29.18% holding in the media entity.
An open offer is a secondary market offer through which current owners in an entity are allowed to buy new shares in it on a pre-emptive basis at a lower price than the current market value.
Further as per the public announcement by the manager to the issue-JM Financial-the offer shall tentatively end on November 1.
Pursuant to the open offer, assuming full acceptance in the open offer, the acquirer, shall acquire up to 26% of the voting share capital of NDTV, it added.
Last week on August 23, the conglomerate evinced interest to takeover 29.18% stake in NDTV and float an open offer for further stake of 26%. In total, the group plans to acquire 55% stake in the firm via multiple transaction through the conglomerate's subsidiary firms.
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