With Adani Group’s bid to takeover New Delhi Television Ltd. (NDTV), a lot has been happening at the media house. As per latest updates, as Adani takes a step ahead to close the deal, NDTV’s founders Prannoy Roy and Radhika Roy have reportedly resigned as the directors of promoter group vehicle RRPRH with immediate effect.
According to a Reuters report, NDTV said in a regulatory filing that an entity backed by the founders had issued shares of the company to a unit of Adani Group. This further helped Gautam Adani-led firm in getting a step closer to the takeover of the media house.
As per last updates, the transfer of shares of NDTV will give Adani Group control over a 29.18 per cent stake in the media house. For the purposes of the takeover, Adani has also been conducting an open offer between November 22 and December 5. However, this open offer is reportedly for a 26 per cent stake in NDTV.
The Reuters report adds that this open offer for a stake in NDTV drew bids for 5.3 million shares as of Monday’s close. Adani’s plans to take over the media house surfaced around August. As soon as the news hit markets, stakeholders took it with mixed feelings, even though most expected the ports-to-energy conglomerate to complete the takeover sooner or later.
As the Prannoy Roy and Radhika Roy vs Adani battle grew, NDTV, in August, sought to block the transfer of shares. It mentioned that the founders were barred from buying and selling shares in India’s securities market since 2020. Because of this, as per the media group’s argument, it cannot transfer shares, especially the ones that Adani was trying to secure in a bid for control.
