Adani's open offer for NDTV shares to begin on October 17

The date for tendering of shares by shareholders of NDTV to the Adani Group in pursuant to their open offer is fixed at October 17.

The Adani Group has made an open offer for 26 per cent stake in the satellite channel company NDTV at Rs 294 per share with a face value of Rs 4.

The total outlay for Adani group for 26 per cent acquisition will be about Rs 492 crore.

The open offer for 16,762,530 equity shares, representing 26 per cent of NDTV was made by Adani group's Vishvapradhan Commercial Private Ltd (VCPL) along with AMG Media Networks Ltd and Adani Enterprises Ltd.

The last date for tendering of shares by NDTV shareholders is November 1.

Also Read | Explained: How Adani moved stealthily to acquire NDTV stake

The last date of communicating the rejection/acceptance and completion of payment of consideration or return of Equity shares to the public shareholders is November 16.

The open offer was triggered after VCPL that holds 1,990,000 warrants of RRPR Holding Private Ltd, the investment company of NDTV promoters Prannoy Roy and Radhika Roy, entitled it to convert them into 99.99 per cent stake in the latter.

The VCPL has exercised its option in part, resulting in acquisition control of RRPR Holding -- 1,990,000 equity shares or 99.50 per cent.

RRPR Holding holds 29.18 per cent stake in NDTV that has three national television channels.

This triggered the issue of open offer to acquire shares of NDTV from the public as per SEBI's (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

According to the Adani Group, the RRPR Holding has not completed the requisite corporate actions to convert the share warrants into equity shares.

Meanwhile the shares of NDTV that galloped to Rs 567.85 since August 23 when the Adani Group announced its decision to convert the share warrants into equity in RRPR Holding, is on the downslide now hitting the lower circuit.

On Thursday, the NDTV scrip hit a price of Rs 463.80.

Meanwhile NDTV's 34th annual general meeting will be held on September 27.