Despite offering a steep discount on the stock’s current trading price, Adani group has managed to grab a majority stake in NDTV even as the open offer is set to close on Monday. As of Sunday, the ports-to-energy group has a 37.44 per cent stake in NDTV, which is higher than founders Pranoy and Radhika Roy’s share in the channel at 32.26 per cent. 

Against the offer to buy 1.67 crore shares, or 26 per cent of equity from NDTV’s minority investors for ₹294 apiece, Adani group has received offers for 53.27 lakh shares, according to data available on the National Stock Exchange (NSE) website.

Corporate investors have offered the most at 39.34 lakh shares, while retail investors have offered a little over 7 lakh shares. Qualified institutional buyers (QIBs) have tendered 6.86 lakh shares, according to the NSE data, which did not identify either the corporates or QIBs who have offered to sell their shares.

Mauritius funds

While the identity of the corporate investors is unknown, they are likely to be the two Mauritius funds, LTS Investment Fund and Vikasa India EIF I Fund. businessline reported in September, that these two Mauritius funds can turn the tide in favour of Adani, in the NDTV open offer. These two funds appear to be holding vehicles or shell companies for a large investor. 

The offer price of ₹294 per share is a deep discount to the ₹414.40 closing price of NDTV stock on the BSE on Friday

Before Adani group’s hostile takeover, promoters held a 61.45 per cent stake in NDTV. This included 1.88 crore shares, or 29.18 per cent, held by RRPR Holding Pvt Ltd. RRPR Holding is the firm that Adani group indirectly acquired in August —triggering a wider open offer to buy a further 26 per cent in the media company.

Pranoy and Radhika have resigned from the RRPR board. Prannoy Roy is currently the chairperson of NDTV, while his wife Radhika is an executive director. (Prannoy owns a 15.94 per cent stake and Radhika another 16.32 per cent). They can continue to be directors on the NDTV board because of their stake of 32.26 per cent.