Adani Enterprises has announced that they will pay an additional Rs 48.56 for the NDTV shares it bought under its open offer. This is to match the price that was paid to NDTV founder-promoters—Prannoy Roy and Radhika Roy—who sold most of their stake to the conglomerate last week.
With the additional payment in place, NDTV investors who sold their shares in the open offer will receive Rs 342.65 per share. Earlier, the open offer price offered by Adani was Rs 294 per share.
Adani Enterprises’ open offer to acquire NDTV shares was in effect from November 22, 2022 to December 5, 2022.
Last week, the Roys had sold 27.26 per cent stake in NDTV to the Adani Group under block deals. Following this, they hold only 5 per cent stake in the news company they founded in 1988.
Since the transfer price at which Adani bought shares from the Roys were higher than the earlier open offer price, Regulation 8(10) of SEBI(SAST) regulations make it necessary for Adani Enterprises to pay the additional price to the open offer sellers.
Following the open offer and the promoters’ share sale, Adani Group owns a 64.71 per cent stake in the news broadcaster.
