The Committee of Independent Directors (IDC) of New Delhi Television (NDTV) has deemed Adani Group‘s public offer for a 26% stake in the media company “fair and reasonable”.

IDC also said that NDTV’s share price has “significantly” risen above its public offering price following the announcement. Shareholders of media companies should “independently evaluate public offerings and market performance and make informed decisions,” the committee said.

The committee, chaired by Kaushik Dutta and comprising Indrani Roy and John O’Loan, also said the offer price complied with Sebi regulations. A committee advised by Sundae Capital Advisors also approved all recommendations unanimously.

NDTV shares closed at Rs 402.30 on Friday, down 4.99%, well above the issue price of Rs 294 per share. Adani Group’s public offer of NDTV shares is scheduled to be open for subscription from November 22 to December 5.

Adani Group had earlier set October 17 as a tentative date for the public sale, which would eventually lead to its acquisition of a controlling 56% stake in NDTV. The group said the “indicative” date required Sebi’s approval and could be amended.

Three Adani group companies, AMG Media Networks, VCPL and Adani Enterprises, have offered to acquire up to 16.7 million fully paid NDTV shares from public shareholders.

On August 23, the Adani Group, helmed by billionaire Gautam Adani, began trying to acquire a combined 55% stake in NDTV in a multi-tiered deal. It was deemed a hostile takeover, as the news media company immediately responded with a stock exchange notice saying the move was made without its consent.

The media company said it could not transfer the stake, citing regulatory hurdles, including a two-year ban on its founders and promoters, Prannoy and Radhika Roy, from trading in the securities market. The ban will end on November 26 this year.