Gautam Adani becomes NDTV's Biggest Shareholder Although Adani group was looking to take another 26 per cent stake in NDTV, the open offer attracted bids for just 5.3 million shares, translating to an 8.3per cent interest in the company, said a report by Reuters
By Shrabona Ghosh •
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Indian billionaire Gautam Adani's conglomerate raised its stake in New Delhi Television Ltd to more than 37 per cent through an open offer, making it the biggest shareholder of one of the country's most popular news networks, reported Reuters.
The open offer, made after Adani group acquired an indirect holding over 29.18 per cent stake in NDTV, closed on 5th December.
Although Adani's group was looking to take another 26 per cent stake in NDTV, the open offer attracted bids for just 5.3 million shares, translating to an 8.3per cent interest in the company, added the report.
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. 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.
