Corporate bodies take the lead in tendering NDTV shares in Adani's open offer

The Adani Group is seeing steady progress in its open offer for acquiring equity shares of New Delhi Television Limited (NDTV) as the shareholder category, collectively known as corporate bodie,s has tendered 39.35 lakh equity shares of the media company.

Further, retail shareholders have also tendered as many as 7.07 lakh equity shares even as the open offer price of Rs 294 is significantly lower than the current market price of Rs 406.10.

The list of shareholders of NDTV include little-known corporate bodies like 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.

Further, only Drolia Agencies and Adesh Broking House have been holding shares of NDTV for one year while the other two entities are relatively newer entrants.

As per the latest shareholding structure of NDTV, a total of 11 foreign portfolio investors (FPIs) also hold a cumulative stake of 14.72 per cent in the company. More importantly, LTS Investment Fund, which has a stake in other Adani Group entities, holds 9.75 per cent stake or 62.85 lakh shares in NDTV.

Interestingly, the open offer is seeing a steady inflow of shares on a daily basis even as the stock price in the secondary market is clocking significant gains every day. On Monday, shares of NDTV gained nearly 5 per cent, or Rs 19.30, to close at Rs 406.10.

Adani Group is looking to acquire further shares of NDTV after indirectly acquiring a stake of 29.18 per cent in the media company. It did so by acquiring 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.
 

Also read: NDTV shares continue to pour in on Day 4 of Adani open offer

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