The Adani Group on Friday announced that the open offer to acquire an additional 26% stake in news channel NDTV will be open for subscription on November 22. The offer will remain open till December 5, a regulatory filing in the stock exchanges showed.

In August, Adani Enterprises, led by billionaire Gautam Adani, had announced it will acquire 29.18% stake in NDTV through its subsidiary company Vishvapradhan Commercial Private Limited. This stake is held by NDTV co-founders Radhika Roy and Prannoy Roy through promoter company, Radhika Roy Prannoy Roy Private Limited.

The deal enabled the Adani Group to launch an open offer.

According to rules of the Securities and Exchanges Board of India, an entity that acquires more than a 25% stake in a company gets the right to announce an open offer to the shareholders of the target company inviting them to sell their shares at a specific price.

Public shareholders hold 38.55% stake in NDTV, according to data from the Bombay Stock Exchange. The open offer will pertain to this chunk of shares. More than 1.67 crore equity shares at an offer price of Rs 294 per share will be open for subscription.

Adani Group’s acquisition of NDTV stake

On August 23, AMG Media Networks Limited, a wholly-owned subsidiary of Adani Enterprises, bought 100% of the equity stakes in Vishvapradhan Commercial Private Limited, or VCPL for Rs 113.74 crore.

In 2009, VCPL had given a loan of Rs 403.85 crore to NDTV. According to the terms of the loan, the company held the right to exercise its warrants and convert the loan amount into equity shares – which it did after being brought by the Adani Group.

NDTV said that the notice about the acquisition was served without “input from, conversation with, or consent” of the Roys.

The media company has also written to the Securities and Exchange Board of India, asking the markets regulator to determine if its 2020 order barring its promoters from making any deals in the securities market restricts the Adani Group from acquiring its shares.