The 5.33 million equity shares that were tendered as part of the open offer will make the Adani Group, a conglomerate of diverse businesses, the single-largest shareholder in the media giant New Delhi Television Limited (NDTV).
The Gujarat-based conglomerate would now hold 37.5% of NDTV in addition to the 29.18% interest he previously acquired through Vishvapradhan Commercial Private Limited (VCPL).
8.3% of the entire equity capital of NDTV was represented by the 5.33 million equity shares that were offered in the open offer.
The Gautam Adani-led Adani Group’s open offer for a 26% interest in NDTV was not without its surprises.
On December 5, the final day of the open offer, 5.33 million shares, or 32% of the total offer size, were submitted. This is despite the fact that the offer price was set at $294 per share while the going market cost was $393.90.
Unfamiliar names on the list of NDTV’s shareholders include Confirm Realbuild, Adesh Broking House, Grid Securities, and Drolia Agencies, who each control more than one percent of the company. Their combined ownership is estimated to be 7.13 percent, or about 4.6 million shares.
Only Drolia Agencies and Adesh Broking House have owned shares in these companies for at least a year; the other two are newcomers.
By purchasing the shares of VCPL, which in turn held a 99.5% stake in RRPR Holding, a promoter group entity, the Adani Group in August acquired an indirect 29.18% stake in NDTV, a business promoted by Prannoy Roy and Radhika Roy.
On November 29, Prannoy Roy and Radhika Roy both left the RRPR Holdings board. Sanjay Pugalia, Senthil Chengalvarayan, and Sudipta Bhattacharya, who is the CEO and CTO of Adani Group North America, were all appointed directors of the company.
