Adani Group announces open offer launch on 22 November

Previous dates for Adani's open offer were from 17 October to 1 November.

Mumbai: In a regulatory filing with the stock exchanges, NDTV said that the Adani Group on Friday announced a revised schedule for its proposed open offer to buy a 26 per cent public shareholding in the news network.

The filing states that the Adani open offer will now likely begin accepting subscriptions on 22 November and end on 5 December.

Previous dates for Adani's open offer were from 17 October to 1 November.

In August, Gautam Adani entities acquired Vishva Pradhan Commercial Pvt Ltd (VCPL), a lesser-known company that had lent the founders of NDTV more than Rs 400 crore.

Also read : AMG Media Networks to indirectly acquire 29.18% stake in NDTV; launches open offer

VPCL lent the money more than a decade ago in exchange for warrants that allowed it to buy a 29.18 per cent stake in NDTV at any time.

VCPL, in collaboration with AMG Media Networks and Adani Enterprises, has proposed to acquire an additional 26 per cent, or 1.67 crore equity shares, at a price of Rs 294 per share.

The promoters of NDTV had challenged the open offer and the acquisition of VCPL's stake, claiming that the deal could not proceed without the approval of Sebi as well as the income tax department.

The Adani Group had previously denied claims that the stake sale would require tax clearance.

The NDTV promoters claimed that they were completely unaware of the takeover and that it was carried out without their consent.

Following the transaction, the acquirer (Adanis) will not directly own any equity shares in the target company (NDTV), but will own at least 99.50 per cent and up to 100 per cent of the promoter company's paid-up share capital (RRPR Holdings).

The proposed sale of NDTV and its subsidiary, NDTV Networks Ltd., which together own 20 per cent of Malaysian media company Astro Awani Network Sdn Bhd, has been postponed in the meantime.

By letter dated 9 November the Central Bureau of Investigation withheld for the time being its approval of the transaction.

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