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Bengaluru: New Delhi Television Ltd (NDTV) said on Monday that an entity backed by its founders has issued shares in a unit of the Adani Group, bringing the billionaire Gautam Adani-led conglomerate one step closer to taking over the media firm.
The share transfer will give Adani control over a 29.18 percent stake in the discussion group. Adani is also conducting an open offer, which runs between November 22 and December 5, for a 26 percent stake in NDTV.
The open offer attracted bids for 5.3 million shares as of Monday’s close, or about 32 percent of the 16.8 million shares on offer, exchange data showed.
The ports-to-energy conglomerate run by Asia’s richest man unveiled plans in late August to acquire a majority stake in the popular news network, considered a bastion of independent media.
More than a decade ago, NDTV founders Radhika and Prannoy Roy took a loan of 4 billion Indian rupees ($49 million) from a company that Adani acquired in August. In return, they issued warrants that allowed the company to acquire a 29.18 percent stake in the discussion group.
NDTV tried to block the share transfer in August, saying its founders were barred from 2020 from buying or selling shares on the Indian stock market and therefore could not transfer shares that Adani was trying to secure in attempt to exert control.
NDTV said the entity, backed by its founders, issued shares after the market regulator’s restrictions on its founders expired on November 26.