A third of Adani’s NDTV offer subscribed

Adani Group has already found investors willing to sell 5.3 million shares of the Indian broadcaster New Delhi Television Ltd. — or roughly a third of the entire open offer size — despite the deep discount to the stock’s current level, bolstering the conglomerate’s hostile takeover bid.

The category of corporate investors have tendered the most at 3.9 million shares while retail investors have offered to sell a little over 706,000 shares to the portsto-power conglomerate with qualified Institutional buyers making up the rest, according to data available on the National Stock Exchange website.

All shares being offered will fetch a fixed price of Rs294 ($3.6) a piece, that is 27 per cent lower than Monday’s closing price for NDTV.