NDTV shares continue to climb higher as Adani group takes over | News Bharat

Shares of New Delhi Television Ltd (NDTV) jumped more than 16% from August 23, the day the Adani group announced the takeover bid, to December 1 and are currently trading around 440 at the BSE level. Diversified group Adani launched a hostile takeover bid for NDTV, indirectly acquiring a 29.18% stake in the broadcaster and followed up with an open offer to buy an additional 26% stake. The open offer started on November 22nd and will end on December 5th.

Shares of NDTV have been witnessing an upward trend since early July when there were already rumblings that the Adani group might be looking to take over the media group.

NDTV founders Prannoy Roy and his wife Radhika Roy have resigned as directors of promoter group RRPR Holding Private Limited as the Adani Group nears its takeover of the TV channel.

After taking control of RRPR Holdings, the promoter company of NDTV holding 29.18% stake in the broadcaster, Adani Group through its subsidiary Vishvapradhan Commercial Pvt. Ltd (VCPL) may insist on nominating its directors to the board of NDTV.

And while the open offer drew no investor interest for the second straight session on Wednesday, Adani Group became NDTV’s largest shareholder, taking it a step closer to wresting control of the company.

Along with acquiring 29.18% stake in NDTV by taking control of RRPR Holdings from Roys, Adani Group acquired 8.26% equity in the company on November 30 through an open offer triggered after buying VCPL in late August. An open offer is triggered when an entity acquires more than 25% in a company.

This takes Adani Group’s stake through its wholly-owned subsidiary VCPL to 37.44%, making it NDTV’s largest shareholder, followed by Radhika and Prannoy Roy, who hold a combined 32.26%.

RRPR appointed two Adani Group executives, Sudipta Bhattacharya and Sanjay Pugalia, to the board, as well as Senthil Chengalvarayan, a journalist who is an independent director at Quintillion Business Media Pvt., another media firm in which Adani bought a stake earlier this year .

Adani is now a step closer to gaining a bigger footprint in India’s media sector as part of its wider diversification to expand its empire beyond coal mining and ports into airports, data centers, cement and digital services.

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