Adani open offer: 27.7 lakh NDTV shares tendered till Day 3

The open offer by Adani Group to acquire further stake in media major New Delhi Television Limited (NDTV) continued to see action on the third day as nearly 9.7 lakh equity shares -- 9,69,271 to be precise – were tendered even as the shares continue to trade at a significant premium over the offer price.

Data from stock exchanges showed that the offer has seen 27.72 lakh shares being tendered in the offer till Thursday, the third day of the open offer, which will close on December 5.

The cumulative number of shares tendered till date represent 16.54 per cent of the maximum offer size of nearly 1.68 crore equity shares. The open offer price has been fixed at Rs 294.

Meanwhile, shares of NDTV gained 2.65 per cent, or Rs 9.50, on Thursday to close the session at 368.40. Incidentally, the benchmark Sensex touched a new all-time high of 62,412.33 during intra-day trading before closing at 62,272.68, up 1.24 per cent or 762.10 points.

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.