NDTV open offer date 'indicative', subject to Sebi nod: Adani Enterprises

The tentative date for an open offer to acquire a majority stake in New Delhi Television (NDTV) is only 'indicative', and subject to approval from the Securities and Exchange Board of India (Sebi), Adani Enterprises said on Friday. The company also said that the open offer date could be revised accordingly.

The clarification came days after the company said its open offer for a 26 per cent stake in NDTV would tentatively open on October 17. This was triggered following acquisition of Vishvapradhan Commercial (VCPL), a lender to NDTV promoter company RRPR Holding, on August 23 by AMG Media Networks, an indirect subsidiary of Adani Enterprises.

AMG Media Networks had said that it was exercising its right to convert warrants held by VCPL into equity, which would translate into an equity stake of 29.18 per cent in NDTV. This would trigger the mandatory open offer for an additional 26 per cent stake in the media company as per Sebi rules.