The Adani group's open offer to acquire an additional 26 percent stake in the media firm New Delhi Television (NDTV) saw nearly 28 lakh shares being tendered by NDTV shareholders at the end Day 3 on Thursday, November 24. According to the data from the BSE, a total of 27,72,159 NDTV shares — amounting to 16.54 percent of the offer size — were tendered by 4 pm on Thursday.

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The Adanis' offer price is Rs 294 per share, while NDTV shares settled at Rs 368.40 on Thursday, which is 25.3 percent higher than the offer price. In the last three months, NDTV shares reached a high of Rs 540.85 on September 5, 2022.

The offer closes on December 5, a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms, said. Markets regulator SEBI on November 7 granted its approval to the proposed Rs 492.81-crore open offer.

The conglomerate, run by India's richest man Gautam Adani, in August acquired a little-known company that lent over Rs 400 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 percent in the news group at any time.

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Post that, VCPL – the firm that the Adani group bought out – announced that it would launch an open offer on October 17 to buy an additional 26 percent stake from minority shareholders of NDTV. However, the offer was delayed since SEBI had not given its approval to the open offer. VCPL, along with AMG Media Networks and Adani Enterprises Ltd, had proposed to acquire an additional 26 percent, or 1.67 crore equity shares, at an offer price of Rs 294 per share.

If fully subscribed, the open offer will amount to Rs 492.81 crore at a price of Rs 294 per share. On Thursday, shares of NDTV closed at Rs 368.40 on BSE, up 2.65 percent from November 23.

(Edited by : Shoma Bhattacharjee)