Adani's Open Offer For NDTV Closes Today

The open offer was made after Adani group acquired an indirect holding of 29.18 per cent stake in NDTV

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By Shrabona Ghosh

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Gautam Adani's group has found investors willing to sell over 53 lakh shares of NDTV despite the deep discount to the stock's current trading price, giving it the rights — which it may or may not exercise — to nominate a chairman of the broadcaster, reported PTI.

The open offer, made after Adani group acquired an indirect holding over 29.18 per cent stake in NDTV, closes today.

Sebi approved Adani group's open offer to buy the additional 26 per cent stake in the broadcaster, marking a crucial turning point in the takeover battle between Gautam Adani and NDTV. Adani group's open offer to buy a further stake of 26 per cent in NDTV began on November 22, which was in addition to the 29.18 per cent stake acquired by Adani group indirectly in August.

In an interview with the Financial Times on the NDTV takeover, Adani said, "The cost of creating an international media group would be 'negligible' for the conglomerate," adding that he had invited NDTV owner-founder Prannoy Roy to remain as chair.

On November 29, Prannoy Roy and Radhika Roy, founders and promoters of NDTV, resigned as directors on the board of RRPR Holdings Private Limited.

"The decision to acquire NDTV was arrived at in furtherance of the Adani Group's objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision," Adani Enterprises had earlier said in a BSE filing.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 

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