Adani Group to launch open offer for NDTV on October 17

Adani Group will launch its open offer on October 17 for acquiring an additional 26 per cent stake in media firm NDTV.

The open offer for acquiring 1.67 crore equity shares, for which a price of Rs 294 per share has been fixed, will tentatively close on November 1, said an advertisement by JM Financial, which is managing the offer.

If fully subscribed at a price of Rs 294 per share, the open offer will amount to Rs 492.81 crore.

On August 23, Adani Group announced to acquire a 29.18 per cent stake in NDTV through the acquisition of VCPL, which holds a 99.99 per cent stake in RRPR Holding.