There are 39.35 lakh equity shares on a daily basis with an offer by Adani Group for acquiring equity shares of New Delhi Television Limited NDTV.
The maximum offer size of nearly 1.68 crore equity shares is 23.48 per cent. The open offer price has been fixed at Rs 294.
Even though the market price is rising steadily and is nearly 32 per cent higher than the open offer price, shares remain tendered in the open offer.
The shares of NDTV rose 5 per cent, or 18.40, to close at 386.80 on Friday.
The open offer was triggered by Adani Group's acquisition of 29.18 per cent of the media company by acquiring the shares of Vishvapradhan Commercial Private Limited, which acquired the shares held by RRPR Holding Private Limited, a promoter group company of NDTV.
If the total equity base of the media major is taken into account, the cumulative shares tendered in the open offer represent a 6.10 per cent stake in the listed entity.
The open offer will close on December 5.