NDTV Rights Issue: 0.46% subscription recorded in the first two days

New Delhi: NDTV’s ongoing Rs 396.5-crore rights issue, which opened on September 22, 2025, has seen trading of 2,27,045 Rights Entitlements on the stock exchanges in the first two days. This represents 0.46% of the 4.83 crore new shares being offered. The issue will remain open until October 8, 2025.

The offer entitles existing shareholders to apply for three new shares for every four held. If fully subscribed, the issue is expected to raise Rs 396.5 crore.

According to the company’s filing, approximately Rs 231 crore from the proceeds will be used to repay loans owed to Adani Enterprises. A further Rs 71 crore is allocated for marketing, content expansion and distribution, while Rs 94.3 crore has been reserved for general corporate purposes.

Because the issue is not underwritten and there is no 90% subscription floor, investors who participate may end up with a larger stake if others skip. Promoters have signalled their intent to subscribe to their portion, which means promoter influence could rise further, within regulatory limits, if public participation remains weak.

The final results of the rights issue will be known after its closure on October 8, with the outcome expected to provide clarity on both investor confidence and NDTV’s balance-sheet trajectory under the Adani Group.

Rights issues are a common capital-raising tool in India, allowing listed companies to raise funds while giving existing shareholders the first right to buy new shares at a predetermined price. Investors can either subscribe to the issue or trade their Rights Entitlements (REs) on the stock exchange during the trading window.

Also read: Explained: NDTV, the loans that cost control, and the paths Prannoy Roy didn’t take

A useful point of comparison is the 2022 open offer that followed the Adani Group’s acquisition of a stake in NDTV. When that open offer closed in December 2022, nearly 8.26% additional shares were tendered by minority shareholders. That, combined with Adani’s existing 29.18% stake, pushed the group’s total holding to around 37.44%.

The broadcaster has positioned the exercise as a balancing act between deleveraging and growth. If the plan works, the repayment reduces debt and interest costs, while the Rs 71-crore pool strengthens brand presence, distribution and digital formats that attract sponsorship. A recovery in the advertising market could further improve yields.