The rumours have been around for a year now, and looks like its finally happened. NDTV hit the 20% UC today at Rs.384.50 within a few minutes of opening.
Adani group announced that it is picking up 29.18% stake in the company and has also made an open offer to acquire 26% more.
Adani Group has priced the open offer at Rs 294/share, which is at a 20% to the last closing price of Rs 366.
Founders Prannoy Roy and Radhika Roy have opposed the takeover. Together they hold 32.26% and Adani acquired 29.18% via another promoter company, RRPR Holding and now needs to get 26% of the 38.55% public holding.