NEW DELHI: Billionaire Gautam Adani-led Adani Enterprises will pay an additional Rs 48.65 per New Delhi Television Limited (NDTV) share to investors who sold their shares in the recently concluded open offer, thus matching what it paid NDTV founders Radhika and Prannoy Roy for their 27.26% stake.
The new owner of the broadcasting channel will be paying 342.65 rupees per share to investors who tendered their shares for Rs 294 per share in the open offer which took place between November 22 and December 5.
NDTV shares gained about 2% on Tuesday to close at Rs 345 on the BSE. “The Securities and Exchange Board of India’s takeover guidelines are clear ... Whatever price the acquiree gets, the minority shareholders also should get the same,” said Shriram Subramanian, managing director of InGovern Research Services, a corporate governance advisory firm.
The Adani Group which had launched its open offer to acquire additional 26% stake in NDTV could get only a total of 53,30,792 equity shares, constituting 8.27% of NDTV’s share capital. Post the conclusion, its stake in NDTV grew to 37.44%, higher than the Roys but well short of a clear majority stake.
The reason why few investors tendered their share in the open offer was the low floor price. Then on December 23rd, NDTV founding promoters- the Roys- said that they will sell 27.26% out of their remaining 32.26% shareholding to Adani Group. With this, the Adani Group’s stake in the media house grew to 65% in NDTV, thereby becoming its majority stakeholder. The Roys, for the time being, will hold 5% stake in the company they had started in 1988.