Adani’s open offer sees subscription of nearly 28 lakh NDTV shares by Day 3

As per the BSE data, by end of November 24, the open offer in NDTV witnessed a subscription of 27,72,159 equity shares — 16.54% of the book size of 1,67,62,530 equity shares.

The floor price for the open offer is fixed at ₹294 per equity share which is at a discount compared to the current NDTV market price. From the market price of November 21 ( ₹382.80 apiece), Adani’s open offer floor price is at a discount of 23.2% on BSE.

If fully subscribed, then the open offer will aggregate to ₹492.81 crore at the floor price of ₹294 per share. By end of November 24, the open offer has been subscribed by at least ₹81.50 crore at the floor price.

During Q2 of FY23, Adani Enterprises completed the acquisition of Vishvapradhan Commercial. Last month, the Adani Group-backed firm announced to launch of an open offer to acquire an additional 26% stake in the media firm New Delhi Television (NDTV). Initially, they had planned to begin the open offer on October 17, however, delayed as Sebi did not grant its approval.

Later, Vishvapradhan Commercial along with AMG Media Networks and Adani Enterprises announced an open offer to acquire an additional over 1.67 crore equity shares or 26%. Following this, Sebi granted its approval for the open offer on November 7.

On Thursday, NDTV shares closed at ₹368.40 apiece up by 2.65% on BSE. It has a market cap of around ₹2,375.12 crore.

JM Financial is the book-running lead manager for the open offer.

Meanwhile, Adani Enterprises shares close at ₹3,922 apiece up by ₹18.35 or 0.47% on BSE. The company’s market cap is around ₹4,47,108.44. This Adani Group flagship company is the tenth largest company in terms of market share.