The second day of the open offer by Adani Group for acquiring shares of New Delhi Television Limited (NDTV) saw nearly 18.03 lakh shares being tendered in the offer even as the offer price remains significantly lower than the market price.
Data from the stock exchange showed that a total of 18,02,888 equity shares were tendered on Wednesday representing 10.76 per cent of the maximum offer size of nearly 1.7 crore equity shares.
If the total number of equity shares of the media major is taken into consideration, the quantum of shares tendered on Wednesday account for nearly 2.8 per cent of the company.
On Wednesday, shares of NDTV lost 4.61 per cent or Rs 17.35 to end the day at Rs 358.90, still trading significantly higher than the open offer price of Rs 294 per share.
This assumes significance as it was widely believed that the open offer would not see the Adani Group managing to acquire any further shares due to the deep discount of the offer price when compared to the prevailing market price.
As per the latest shareholding structure of NDTV, a total of 11 foreign portfolio investors (FPIs) hold a cumulative stake of 14.72 per cent in the company. Incidentally, 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.
The open offer has been triggered after Adani Group indirectly bought a stake of 29.18 per cent in the media company 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.
The offer will remain open till December 5.