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A short seller’s allegations of fraud by Gautam Adani’s conglomerate center on whether his family wielded influence over Mauritius-based investors
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Adani open offer for NDTV: Over 18 lakh shares tendered on Day 2
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The second day of the open offer by Adani Group for acquiring shares of New Delhi Television Limited (NDTV) saw nearly 18.03 lakh shares being tendered in the offer even as the offer price remains significantly lower than the market price.
Data from the stock exchange showed that a total of 18,02,888 equity shares were tendered on Wednesday representing 10.76 per cent of the maximum offer size of nearly 1.7 crore equity shares.
If the total number of equity shares of the media major is taken into consideration, the quantum of shares tendered on Wednesday account for nearly 2.8 per cent of the company.
On Wednesday, shares of NDTV lost 4.61 per cent or Rs 17.35 to end the day at Rs 358.90, still trading significantly higher than the open offer price of Rs 294 per share.
This assumes significance as it was widely believed that the open offer would not see the Adani Group managing to acquire any further shares due to the deep discount of the offer price when compared to the prevailing market price.
As per the latest shareholding structure of NDTV, a total of 11 foreign portfolio investors (FPIs) hold a cumulative stake of 14.72 per cent in the company. Incidentally, LTS Investment Fund, which has a stake in other Adani Group entities, holds 9.75 per cent stake or 62.85 lakh shares in NDTV.
The open offer has been triggered after Adani Group indirectly bought a stake of 29.18 per cent in the media company by acquiring the shares of Vishvapradhan Commercial Private Limited, which, in turn, acquired the shares held by RRPR Holding Private Limited, a promoter group company of NDTV.
The offer will remain open till December 5.
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Gautam Adani may open family office in Dubai or New York: Report
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Asia’s richest person and world’s third richest, Gautam Adani, is considering setting up a family office overseas to manage his ballooning wealth, reported Bloomberg on Thursday while citing people familiar with the discussions.
The chairman of the ports-to-power Adani Group conglomerate is looking at Dubai or New York as the base for the office, which will invest the Adani family’s personal funds, the Bloomberg report said.
The move comes amid a $59-billion surge in Adani’s personal wealth this year, according to the Bloomberg Billionaire Index.
If Adani, whose total net worth stood at $136 billion on November 11, 2022, according to the Bloomberg Billionaire index, follows through on this plan, he’ll join a crop of ultra-rich who have family offices, including hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin. Bloomberg reported last month that RIL chairman Mukesh Ambani is in the process of opening a family office in Singapore.
Adani’s elder brother, Vinod Adani, is based in Dubai.
On a year-to-date basis, shares of Adani Power have surged 261 per cent. It was followed by Adani Enterprises (up 135 per cent), Adani Total Gas (up 122 per cent), Adani Transmission (up 90 per cent), Adani Green Energy (up 65 per cent) and Adani Ports and Special Economic Zone (up 22 per cent). Adani Wilmar, which got listed on bourses in February 2022, has also rallied 193 so far against its issue price of Rs 230.
ALSO READ: An Indian is leading the world’s billionaire list in terms of wealth creation in 2022
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NDTV takeover: Adani Group to launch open offer on November 22
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Adani Group has announced that its open offer to acquire an additional 26 per cent stake in NDTV will be open for subscription from November 22 to December 5.
The open offer for acquiring 1.67 crore equity shares with a face value of Rs 4 will tentatively close on December 5, 2022, said JM Financial, which is managing the offer. The price fixed for the deal is Rs 294 per share. Earlier, the Gautam Adani-led company had said that it will launch its open offer for acquiring stake in NDTV from October 17 to November 1.
On the other hand, the last date for filling the post offer report with the Securities and Exchange Board of India (Sebi) has also been revised to December 26, 2022.
On August 23, Adani Group-backed Vishvapradhan Commercial Private Limited (VCPL) announced that that they will convert the Rs 400-crore loan given to RRPR (Radhika Roy Prannoy Roy) in 2009 into a 29 per cent stake in NDTV. It later added that it wanted to acquire additional 26 per cent of shares from the public through an open offer from October 17. As VCPL held NDTV shares, upon its acquisition, the Adani Group is now the owner of a 29 per cent stake in NDTV.
In 2009, VCPL and the Roys had agreed to a loan agreement, via which the media house borrowed Rs 403 crore without interest for 10 years by pledging their 29 per cent stake in NDTV. As the Roys could not pay back the loan, Adani Group after its takeover of VCPL opened the clauses in the loan agreement, whereby they could own a huge chunk of NDTV shares.
Also read: NDTV takeover: Adani Enterprises writes to SEBI, says committed to open offer
Days after the announcement, NDTV’s founder promoters — Radhika Roy and Prannoy Roy — argued that the deal cannot go ahead without Sebi’s nod.
As per details, Sebi restrained NDTV founders in an order passed on November 27, 2020 from the securities market for two years and that period ends on November 26 this year.
NDTV founders had said as restrictions are in order, hence prior written approval from Sebi was required for Vishvapradhan Commercial Private Limited (VCPL) for the exercise of the conversion option on the warrants.
On this, RRPR Holding Ltd and Adani group moved Sebi, seeking clarity on the applicability of the regulator’s earlier order regarding the conversion of warrants into shares.
Adani group had rejected NDTV’s claim saying that promoter entity RRPR Holding is not a part of the regulator’s order that restrained Prannoy and Radhika Roy from accessing the securities market.
The Adani Group first took over VCPL from its owner and exercised the option to convert unpaid debt into a 29.18 per cent stake in the news channel company. The promoters of NDTV had claimed that they were completely unaware of the takeover.
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Mazagon Dock, Alembic Pharma, Adani Enterprises among 30 BSE500 stocks that gained up to 22% this week
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The Indian market ended in the green for the week buoyed by positive global cues. While Sensex gained 990.30 points or 1.65 per cent to 60,950, Nifty climbed 1.86 per cent or 330 points to 18,117.
At least 30 stocks rose between 10 per cent to 22 per cent on the BSE 500 index in the last five trading sessions.
Top gainer was Mazagon Dock Shipbuilders rising 21.93 per cent during the week to close at Rs 781.20. The stock also hit its 52-week high of Rs 798.50 on November 3 (Thursday).
On a daily basis, the stock ended 3.63 per cent or Rs 27.40 higher on Friday. It also touched an intraday high of Rs 792.50. Market cap of the firm rose to Rs 15,756 crore. The stock gained 22.74 per cent in the last four trading sessions. The company will announce its September quarter earnings on November 10, 2022.
Shares of Alembic Pharmaceuticals were the second largest gainers on BSE 500 rising 19.37 per cent during the week. On a daily basis, the stock ended 0.36 per cent or Rs 2.40 lower on Friday. It also touched an intraday low of Rs 642.45 falling 2.49 percent in the last trading session. Market cap of the firm fell to Rs 12,903 crore. The stock fell on Friday after six sessions of gains. The company will announce its September quarter earnings on November 11, 2022
Redington stock also gained 16.53 per cent during the week to close at Rs 158.20. On a daily basis, the stock ended 0.73 per cent or Rs 1.15 higher on Friday. It also touched an intraday high of Rs 164.45 rising 4.71 percent in the last trading session. Market cap of the firm rose to Rs 12,362 crore. The stock has risen consecutively for the last five sessions. The company reported a 26% rise in consolidated net profit to Rs 387 crore on a 25% increase in revenue to Rs 19,080.8 crore in Q2 FY23 on a year-on-year basis.
Shares of Indian Overseas Bank climbed 16.08 per cent during the week to close at Rs 21.65. The banking stock touched an intraday high of Rs 21.9, rising 13.18% on BSE. Later, it closed 11.89 per cent higher on Friday. Market cap of the bank rose to Rs 38,750 crore. The stock has risen 15.78 per cent in the last two sessions. The lender will announce its September quarter earnings on November 5 (today).
Shares of Adani Enterprises climbed 15.24 per cent during the week to close at Rs 3,832.5. The large cap stock touched an intraday high of Rs 3,850, rising 7.21% on BSE. Later, it closed 6.72 per cent higher on Friday. Market cap of the Adani Group firm rose to Rs 38,750 crore. The stock has risen 16.13 per cent in the last seven sessions. The company announced its September quarter earnings on November 3. Consolidated profit in Q2 jumped 117 per cent year-on-year (YoY) to Rs 461 crore from Rs 202 crore in the corresponding quarter last year. Consolidated total income for the quarter surged 183 per cent YoY to Rs 38,441 crore compared with Rs 13,597 crore in the same quarter last year. The top line growth was led by a strong show at IRM and Airport business.
Other stocks which rose between 10% to 15% during the week were UCO Bank, Bank Of India, JK Lakshmi Cement, Dalmia Bharat Ltd., Punjab & Sind Bank, Rajesh Exports Ltd, Rail Vikas Nigam Ltd, Amara Raja Batteries, Vedanta Ltd, FSN E-Commerce Ventures Ltd., Lemon Tree Hotels Ltd, MAS Financial Services, Delhivery, Jindal Stainless, Thermax, Ircon International, Cochin Shipyard, Godfrey Phillips India, Bank Of Maharashtra, Heidelberg Cement India and Aster DM Healthcare.
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Adani Enterprises Q2 profit surges 117% to Rs 461 crore; revenue up 183%
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Adani Enterprises on Thursday said its consolidated profit for September quarter jumped 117 per cent year-on-year (YoY) to Rs 461 crore from Rs 202 crore in the corresponding quarter last year.
Consolidated total income for the quarter surged 183 per cent YoY to Rs 38,441 crore compared with Rs 13,597 crore in the same quarter last year. The top line growth was led by a strong show at IRM and Airport business, the company said.
Ebitda for the quarter rose 69 per cent to Rs 2,136 crore, the Adani Group flagship said in a BSE filing.
Among established businesses, Primary Industries IRM reported a 126 per cent YoY jump in Ebitda at Rs 1,112 crore compared with Rs 422 crore YoY, thanks to a 66 per cent rise in volumes and improved prices. Ebitda for Primary Industries (mining services) fell to Rs 208 crore from Rs 250 crore and Adani New Industries Supply Chain Ecosystem to Rs 52 crore from Rs 87 crore. Incubating business of transport & logistics airports reported an Ebitda of Rs 493 crore.
Group Chairman Gautam Adani said: “Adani Enterprises has yet again validated its standing as India’s most successful new business incubator as it continues to build on exciting ideas strategically aligned with the diverse strengths of the Adani portfolio of companies.”
Adani said Adani Enterprises accelerating pace of business incubation and its remarkably consistent success demonstrates the robustness of the Adani Group’s fundamental approach to value creation, as it transforms sector after sector through digitisation, innovation in technology and a greater emphasis on equitable energy transition.
“We continue to believe ever firmly in the India growth story and remain committed to our core philosophy of nation-building through the development of advanced, efficient and world-class infrastructure that delivers increasing shareholder value,” it said.
Also read: Stocks in news: HDFC, Adani Transmission, Vodafone Idea, Relaxo and more
Also read: Adani Wilmar shares fall after Q2 net profit tanks 73%
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NDTV takeover: Adani Enterprises writes to SEBI, says committed to open offer
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The Adani Group has written to the market regulator Securities and Exchange Board of India (SEBI) saying that it is committed to its vision and intends to proceed with the open offer to buy an additional 26 per cent stake in New Delhi Television (NDTV) Limited. In a stock exchange filing, Adani Enterprises has said that VCPL has urged SEBI “to provide its observations on the Draft Letter of Offer filed in relation to the Open Offer, in accordance with the SEBI (SAST) Regulations.”
Also read: What is delaying Adani Group open offer for NDTV?
On August 23, Adani Group-backed Vishvapradhan Commercial Private Limited (VCPL) announced that that they will convert the Rs 400-crore loan given to RRPR (Radhika Roy Prannoy Roy) in 2009 into a 29 per cent stake in NDTV. It later added that it wanted to acquire additional 26 per cent shares from the public through an open offer from October 17. As VCPL held NDTV shares, upon its acquisition, the Adani Group is now the owner of 29 per cent stake in NDTV.
In 2009, VCPL and the Roys had agreed to a loan agreement, via which the media house borrowed Rs 403 crore without interest for 10 years by pledging their 29 per cent stake in NDTV. As the Roys could not pay back the loan, Adani Group after its takeover of VCPL opened the clauses in the loan agreement, whereby they could own a huge chunk of NDTV shares.
The open offer was supposed to launch on October 17, as per the advertisement by JM Financial, the firm which is managing it on behalf of Adani. However, the open offer was not launched on the said date.
Also read: SEBI approaches Supreme Court against NDTV, Roys over July 2022 SAT order
“While the Underlying Transaction has not been consummated due to the stance being taken by RRPR (the promoter of NDTV), VCPL is committed to its vision and intends to proceed with the open offer in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 (SEBI (SAST) Regulations), which require that the Open Offer be completed regardless of whether the Underlying Transaction has been consummated,” the Adani Enterprises has now said in its letter to SEBI.
Also, JM Financial has urged SEBI to ‘provide its observations’ on the draft letter of offer filed in connection with the Open Offer in accordance with SEBI (SAST) regulations.
The filing said JM Financial addressed the letter to SEBI on October 19, 2022, on behalf of VCPL. The open offer would tentatively close on November 1, JM Financial, the firm which was managing the offer, had informed earlier.
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