Committed to completing open offer process for 26% NDTV stake: Adani group
Adani Group, which missed the date for the launch of an open offer to buy an additional 26 per cent stake in NDTV, on Wednesday said it is committed to completing the process and has asked SEBI to provide comments on its draft open offer letter.
The conglomerate, run by India's richest man Gautam Adani, in August acquired a little-known company that lent over Rs 400 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the news group at any time.
Post that, Vishvapradhan Commercial Pvt Ltd (VCPL) - the firm that Adani group bought out - announced that it would on October 17 launch an open offer to buy an additional 26 per cent stake from minority shareholdres of NDTV.
In a stock exchange filing, Adani Enterprises Ltd said VCPL has urged SEBI "to provide its observations on the Draft Letter of Offer filed in relation to the Open Offer, in accordance with the SEBI (SAST) Regulations."
VCPL along with