India’s Adani Enterprises said on Tuesday its media unit will indirectly buy a 29.18% stake in New Delhi Television Ltd and launch an open offer for another 26% stake in the media house.
Vishvapradhan Commercial Private Limited, along with AMG Media Networks Ltd NSE -2.05 % and Adani Enterprises Ltd NSE -0.69 %, collectively referred to as “PACs” in their capacity as the persons acting in concert with the acquirer, have announced an open offer for the acquisition of up to 1,67,62,530 fully paid-up equity shares of the face value of INR 4 each from the public shareholders of the target company,” JM Financial NSE 0.95 %, which is managing the open offer, said.
A BSE filing said the open offer is at Rs 294 per equity share aggregating to a total consideration of up to Rs 492.8 crore payable in cash.