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SEBI approves Adani’s offer, easy way to buy 26 percent stake in NDTV, share price will be Rs 294

Highlights

492.81 crore from the Group has been accepted.
The open offer will start on November 22 at a price of Rs 294 per share and will run till December 5.
After getting the approval of the market regulator, the way to complete the deal seems to be clear.

New Delhi. Stock market regulator SEBI has approved Adani Group’s open offer to buy 26 per cent stake in media firm New Delhi Television (NDTV). This offer will start from 22nd November and will be open till 5th December. According to the information posted on the market regulator’s website, SEBI has put its final comment on the proposal of Adani Group and has approved the offer of Rs 492.81 crore made by the group.

NDTV has recently told in an affidavit given to the stock market that the open offer will start on November 22 at a price of Rs 294 per share and will run till December 5. Till now this deal was stuck because SEBI did not approve the open offer of the company. But, now after getting the approval of the market regulator, the way to complete the deal seems to be clear.

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How did the Adani group get the deal?
Adani Group leader Gautam Adani had acquired Vishvapradhan Commercial Private Limited (VCPL) in August this year for Rs 400 crore. About a decade ago, this company had given loan against warrants to the founders of NDTV, in exchange for which a deal was struck to take 29.18 per cent stake in the company. When Adani bought this company, this stake also went to him.

After this, VCPL announced to buy 26 percent more stake in NDTV through open offer and informed the market on 17 October. Although this offer was not approved by SEBI, but now it has been approved and soon Adani group will have more than 50 percent stake in NDTV. VCPL along with AMG Media Networks and Adani Enterprises Ltd had offered to buy 26 per cent stake or 1.67 crore shares.

Investors also have an opportunity
Adani Group has given an opportunity to buy stock in an open offer at a price of Rs 294 per share. If this open offer is fully subscribed, the group will get Rs 492.81 crore. Adani Group has told the stock market that NDTV has been acquired to emphasize media and broadcast and create a next generation platform. For this NDTV is a suitable broadcast and digital platform.

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NDTV shares hit upper circuit
The company’s shares rose for the second consecutive day after the news of the acquisition by Adani Group and the approval of the open offer by SEBI. On Monday, its shares had closed up by 1.99 per cent on BSE, so today on Tuesday, in the opening trade itself, there has been an upper circuit of 5 per cent.

Tags: Adani Group, business news in hindi, Gautam Adani, SEBI

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