Adani Group now largest shareholder in NDTV

New Delhi: Billionaire Gautam Adani's group has found investors willing to sell over 53 lakh shares of NDTV despite the deep discount to the stock's current trading price, giving it the rights - which it may or may not exercise - to nominate a chairman of the broadcaster.

The open offer, made after Adani group acquired a little known firm that gave it an indirect holding over 29.18 per cent stake in New Delhi Television (NDTV), closes on December 5, according to a stock exchange notification.

Against the offer to buy 1.67 crore shares, or 26 per cent of equity - from NDTV's minority investors at a price of Rs294 apiece, Adani group has received offers for 53.27 lakh shares, according to data available on the National Stock Exchange (NSE) website.

Corporate investors have offered the most at 39.34 lakh shares while retail investors have offered a little over 7 lakh shares. Qualified institutional buyers (QIBs) have tendered 6.86 lakh shares, according to the NSE data which did not identify either the corporates or QIBs who have offered to sell their shares.

The offer price of Rs294 per share is a deep discount to the Rs 414.40 closing price of NDTV stock on the BSE on Friday. The shares tendered so far equal to 8.26 per cent of NDTV. Together with 29.18 per cent stake Adani group has already acquired, the ports-to-energy conglomerate would have 37.44 per cent stake - larger than 32.26 per cent holding of founders Prannoy Roy and Radhika Roy.

Prior to Adani group's hostile takeover, promoters held 61.45 per cent stake in NDTV. This included 1.88 crore shares or 29.18 per cent held by RRPR Holding Pvt Ltd. RRPR Holding is the firm that Adani group indirectly acquired in August -- triggering a wider open offer to buy a further 26 per cent in the media company.