According to stock market data, no shares were tendered in the offer on the first day of the open offer, and NDTV shares closed trading at Rs 383 compared to the offer price of Rs 294.
An open offer to purchase an extra 26% of New Delhi Television Ltd. (NDTV), a media firm, was initiated by the Adani Group on Tuesday. This day marked the start of the offer. NDTV was previously owned by the Adani Group to the extent of 29.18 percent. Despite the fact that the offer price remained a significant amount lower than the market price, the open offer was eagerly anticipated and received with a great deal of anticipation. This was the case despite the fact that the offer price remained significantly lower than the market price.
The price at which shares of NDTV were traded when the market closed on Tuesday was Rs 383, which represented a premium of nearly 30 percent over the open offer price of Rs 294 per share. The open offer price was announced on Monday. During the course of trading on Tuesday, NDTV stock dropped all the way to a low of Rs 363.10 before recovering some of the losses sustained the previous day and ending on a note that was marginally more upbeat.
Because both the Adanis and the Roys, which consists of Prannoy Roy and his wife Radhika Roy, hold a significant stake in the company, there is a greater concern regarding the path that the publicly traded business will take in the future. Market participants continue to hold a variety of opinions regarding the outcomes that may or may not result from the offer in terms of the number of shares that the Adani Group can acquire from the market. These outcomes may or may not be related to the number of shares that the Adani Group can acquire from the market.
Prannoy and Radhika each directly hold 15.94% and 16.32% of NDTV. This is the percentage of NDTV that is held by them personally.
The NDTV promoter family and the Adani Group will need to come to an agreement on the way in which the company will be managed in order for the deal to be finalized. This is necessary in order for the transaction to be completed successfully. Now that Adani is a significant shareholder, it will be difficult to wage a battle, according to Shriram Subramanian, founder of the proxy advisory firm InGovern Research Services. This is due to the fact that Adani will be a challenging competitor to face.
In the meantime, with regard to the open offer, industry professionals are of the opinion that it is extremely unlikely that shareholders will tender their shares unless one or more of the institutional shareholders has come to some kind of agreement with the acquirer entity, which is the Adani Group. In other words, shareholders are not likely to tender their shares unless one or more of the institutional shareholders has reached an agreement with the Adani Group. To put it another way, it is extremely unlikely that shareholders will tender their shares unless an agreement has been reached between the Adani Group and one or more of the institutional shareholders. In other words, it is highly unlikely that shareholders will tender their shares.
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