Why do people come to the stock markets? Why do some people invest in stocks even though there are safer investment instruments available that offer the added benefit of assured returns?
Of course, to make money. To make more money, make more money compared to the safer avenues.
It is not surprising to see someone ready to sell shares at a certain price, even though the same set of shares can be sold at a much higher price. Someone is ready to forego an additional assured profit of nearly 32 per cent by offering the shares in the open offer rather than selling in the open market.
Who is tendering the shares in the open offer?
Market participants say it is common for potential acquirers to involve friendly entities before they start the move to acquire a company so that they can be assured of a large stake in case of any eventualities.
The shareholder should sell shares in the market rather than in the open offer, according to the market price and open offer price. Many friendly intermediaries accumulate stock on behalf of interested parties, and it is noticed that they accumulate stock on behalf of interested parties. Arun Kejriwal, Kejriwal Research Investment Services, says that such stock is offered even at a price disadvantage.
The shareholders of NDTV include little known names such as Confirm Realbuild, Adesh Broking House, Grid Securities and Drolia Agencies that own more than one per cent each while their cumulative holding is pegged at 7.13 per cent or nearly 46 lakh equity shares.
Only Drolia Agencies and Adesh Broking House have held shares of NDTV for a year, whereas the other two entities are relatively newer entrants.
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. 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.
Then there is a larger question on the future of the listed firm, with both Adanis and Roys Prannoy Roy and wife Radhika Roy holding a significant stake in the company. Prannoy and Radhika hold 15.94 per cent and 16.32 per cent in NDTV.
The open offer by Adani Group that is looking to acquire more shares of NDTV after it acquired a 29.18 per cent stake in the media company is a curious case.
It acquired the shares of Vishvapradhan Commercial Private Limited, which in turn acquired the shares held by RRPR Holding Private Limited, a promoter group company of NDTV.