On September 7, JM Financial, which manages the offer, said in a draft letter of offer (DLOF) submitted to Sebi that Adani Group will launch an open offer to acquire an additional 26% shares of media company New Delhi Television Limited (NDTV) between October 17 and November 1.

The public offering of up to Rs 1.67 crore equity shares at Rs 294 per share would amount to Rs 492.81 crore if fully subscribed.

The Adani Group, run by Gautam Adani, on August 23 unveiled plans to acquire a majority stake in the news network through the acquisition of VCPL, which holds a 99.99% stake in NDTV promoter entity RRPR Holding.

VCPL disbursed a loan of Rs 403.85 crore to RRPR Holding in 2009-10. To compare this amount, RRPR issued convertible warrants to the lending entity, and RRPR holds a 29.18% stake in NDTV.

With the warrant, VCPL has the right to convert it into a 99.9% stake in the RRPR in case the loan is outstanding. Adani Group first acquired VCPL from its new owners and exercised an option to convert outstanding debt into a 29.18% stake in NDTV.