Adani Group tendered 18.03 lakh shares on offer for NDTV on second day

Nearly 18.03 lakh shares were offered by Adani Group on the offer for New Delhi Television Limited NDTV on the second day of the open offer, despite the fact that the offer price remains significantly lower than the market price.

On Wednesday, a total of 18,02, 888 equity shares were offered, representing 10.76 per cent of the maximum offer size of nearly 1.7 crore equity shares, according to data from the stock exchange.

If the total number of equity shares of the media major is taken into account, the number of shares tendered on Wednesday account for nearly 2.8 per cent of the company.

On Wednesday, shares of NDTV lost 4.61 per cent or Rs 17.35 to close the day at Rs 358.90, still trading much higher than the open offer price of Rs 294 per share.

The deep discount of the offer price was widely believed to be the reason the open offer would not see the Adani Group manage to acquire any further shares, which assumes significance as it was widely believed that it would not be the case with the prevailing market price.

A total of 11 foreign portfolio investors FPIs hold a cumulative stake of 14.72 per cent in the company, according to the latest shareholding structure of NDTV. The LTS Investment Fund, which holds a stake in other Adani Group entities, holds a 9.75 per cent stake or 62.85 lakh shares in NDTV.

The open offer was triggered by Adani Group's acquisition of 29.18 per cent of the media company by buying the shares of Vishvapradhan Commercial Private Limited, which acquired the shares held by RRPR Holding Private Limited, a promoter group company of NDTV.