Adani Group to pay additional Rs 48.65 per share for NDTV shares bought under open offer

Adani Enterprises on Tuesday said its indirect subsidiary Vishvapradhan Commercial Private Limited (VCPL) will make an additional payment of Rs 48.65 per share for the shares bought under an open offer.

In a regulatory filing to stock exchanges, Adani Enterprises said the additional payment would be made by February 28, 2023.

It started on August 23, 2022, and VCPL bought 53,30,792 shares or 8.27 per cent of equity in NDTV in the recently concluded open offer at a price of Rs 294 per share.

The payment of consideration towards the accepted shares to the tendering shareholders was completed on December 15, 2022.

As recently as Friday, the Adani Group said it had acquired a 27.26 per cent equity stake in NDTV from the promoters -- Prannoy Roy and Radhika Roy at Rs 342.65 per share, and also indicated that the conglomerate had acquired the majority stake in the media firm.

According to the company filing in stock exchanges on Tuesday Adani group said that it intends to inform the public shareholders of the NDTV whose shares were accepted in the open offer that, since the transfer price is higher than the offer price, the company in compliance with regulation 8(10) of the SEBI (SAST) regulation, will be making an additional payment of Rs 48.65 per equity share to the accepted public shareholders.

In total, Adani Group now controls around 65 per cent of NDTV.

( With inputs from ANI )