The offer, for which a price band of Rs 294 per share has been fixed, will open on November 22 and closes on December 5, said a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms
The VCPL's manager JM Financial in a detailed statement said that the announcement in the newspapers for 26 per cent additional stake in NDTV will be published on October 14. The date of commencement of the tendering period is October 17 and the offer closing date is November 1
NDTV and its founders have stated that the share transfer to Adani entity cannot happen without Sebi approval while the business conglomerate has claimed that the media major’s views are “baseless, legally untenable and devoid of merit”
While an expert says that SEBI directives override any shareholder agreements, sources aware of the deal say that “NDTV promoters have already given away the rights in 2009 itself, much before the SEBI restrictions came into effect. AMG Media is not asking for transfer of NDTV shares – they are asking for delivery of RRPR Holding shares. Their argument is irrelevant. It is like hiding behind a fig-leaf.”