NDTV’s committee of independent directors has published its on Adani’s open offer, calling it “fair and reasonable”.
In accordance with SEBI regulation rules, the recommendations were published in the same papers where the open offer was published – all editions of Financial Express and Jansatta, and the Mumbai edition of Navshakti.
The IDC said that the offer price was higher than the minimum price determined in compliance with the SEBI SAST regulations. In its opinion, it said, the offer was in accordance with the regulations and fair and reasonable.
The committee also pointed out that since the open offer announcement, NDTV’s shares have been consistently trading on the stock exchanges at prices significantly higher than the offer price.
It said that the public stakeholders should independently evaluate the open offer, market performance of NDTV’s shares, and take informed decisions accordingly.
The IDC had sought external advice from Sundae Capital Advisory Private Limited, a SEBI registered company. The committee was chaired by Kaushik Dutta and included Indrani Roy and John O’Loan.
Earlier this week, the exchange sought clarification from NDTV over a news article on the Business Standard website about the Adani group getting approval for the NDTV open offer.
NDTV said that it was not aware of any negotiations between Adani group and VCPL or the events that had led to the approval of the open offer by SEBI. The media firm said it had provided all the information sought and did not withhold anything. It said that it was not aware of any impact that the Business Standard article had on its operations or business.