The Committee of Independent Directors of New Delhi Television Ltd. have recommended the open offer of Vishvapradhan Commercial Pvt. in concert with AMG Media Networks and Adani Enterprises Ltd.
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 or SAST regulations.
The 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.
Chaired by Kaushik Dutta, the committee included Indrani Roy and John O’ Loan as other members. It was advised by the Securities and Exchange Board of India-registered external consultant Sundae Capital Advisors Pvt.
The recommendations were unanimously approved by the members of the IDC.
The Adani Group open offer for 26% stake in NDTV at Rs 294 per share opens on Nov. 22, 2022. Bloomberg