CHENNAI: October 17 has been set as the deadline for NDTV shareholders to tender their shares to the Adani Group in response to their open offer.

The Adani Group has launched an open offer for a 26 percent stake in the provider of satellite television, NDTV, at Rs 294 per share, or Rs.4 per share par value.

For the acquisition of a 26 percent stake, the Adani Group will invest a total of around Rs 492 crore.

The open offer was made by the Adani group's Vishvapradhan Commercial Private Ltd (VCPL), AMG Media Networks Ltd, and Adani Enterprises Ltd for 16,762,530 equity shares, or 26 percent of NDTV.

The deadline for NDTV shareholders to submit their shares is November 1.

November 16 is the deadline for notifying the public shareholders of their rejection or acceptance, as well as the conclusion of the payment of consideration or return of equity shares.

After VCPL, the investment firm run by NDTV promoters Prannoy Roy and Radhika Roy, acquired 1,990,000 warrants from RRPR Holding Private Ltd, entitling it to convert them into a 99.99 percent interest in the latter, the open offer was triggered.

By partially exercising its option, the VCPL has acquired ownership of RRPR Holding (1,990,000 equity shares, or 99.50 percent). A 29.18 percent stake in NDTV, which operates three national television stations, is owned by RRPR Holding.

In accordance with the SEBI's (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, this led to the publication of an open offer to purchase shares in NDTV from the general public.

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