The Committee of Independent Directors (IDC) of NDTV is of the opinion that the open offer price set by Adani is fair and reasonable. Chaired by Kaushik Dutta, the committee included Indrani Roy and John O’ Loan as other members. It was advised by the SEBI registered external consultant Sundae Capital Advisors Pvt.
The IDC, based on external advice of Sundae Capital and after pursuing all regulatory announcements, considered the open offer fair and reasonable, it said in an exchange filing. It also found the open offer price above the minimum price, determined according to SEBI’s substantial acquisition of shares and takeovers (SAST) regulations.
‘Evaluate independently’
The open offer price is set by Adani at ₹294 per share, while the NDTV share price is currently trading at ₹401. Therefore, there is a discount of 36 per cent.
Thus, IDC also drew attention of shareholders that the current market price is higher than the open offer price. It suggested that shareholders should independently evaluate the open offer, market performance of NDTV shares and take an informed decision with respect to the NDTV open offer.
The NDTV open offer will commence from November 22, and will tentatively close on December 5.
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Published on November 18, 2022
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