NDTV share price tanked over 4 per cent on Tuesday as billionaire Gautam Adani-led Adani Group’s open offer to acquire an additional 26% stake in the news broadcaster from the market started. The offer, for which a price band of Rs 294 per share has been fixed, opened on 22 November and will close on 5 December, according to the notice by JM Financial, the firm managing the offer on behalf of Adani Group firms. The previous timeline for the open offer by Adani was 17 October to 1 November. In the last one month, NDTV share price has jumped over 10 per cent, outperforming benchmark Nifty 50.

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If fully subscribed, the open offer will amount to Rs 492.81 crore, according to Monday’s closing price. Earlier this month, capital markets regulator Sebi granted its approval to the proposed Rs 492.81-crore open offer. “The decision to acquire NDTV was arrived at in furtherance of the Adani Group’s objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision,” Adani Enterprises had said in a regulatory filing in October.

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For the uninitiated, Adani Enterprises had acquired a company VCPL that had lent over Rs 400 crore to NDTV over a decade ago. In exchange, it had received warrants that permitted this little-known company to acquire 29.18% in the media company. VCPL exercised that option after being bought out by Adani Enterprises and then announced that it would buy an additional 26% stake from minority shareholders of NDTV. This will give it a controlling stake in NDTV.

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