Proxy advisory firms say NDTV’s open offer is set to fail because the offer price is 30 per cent lower (₹294/share) than the current share price of ₹383.05. Adani Group is set to launch an open offer on November 22, to buy an additional 26 per cent stake in the channel from open market.

This after SEBI approved Adani Group’s open offer on Tuesday. However, given the 30 per cent discounted rate, proxy advisory firms note that shareholders are unlikely to tender shares to Adani at this rate.

JN Gupta, MD, Stakeholders Empowerment Services, said, “The open offer price was defined as per regulations, however, Adani is unlikely to find any takers in the open market at this price.” At present, Adani holds 29.18 per cent stake in NDTV. Some of the other shareholders in the company include Mauritius-based foreign portfolio investors namely, LTS Investment Fund and Vikasa India EIF I Fund, which hold 9.75 per cent and 4.42 per cent stake, respectively.

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NDTV’s shareholders also include 29,691 individuals who have each put in up to ₹2 lakh in the company, and 947 entities, which own 23.83 per cent of its shareholding.

The last date for upward revision for the Open offer price is November 18.