Adani Group will now hold the majority stake in NDTV. In fact, on Saturday the shareholders of NDTV offered around 53 lakh shares to the Adani Group. By buying these shares, the Adani group will have the largest number of shares in the media company. Not only this, but the special thing is that after this the rights of Adani Group will increase and the group will also get the right to appoint the chairman of NDTV.
AMG Media Networks, a wholly owned subsidiary of the Gautam Adani-led conglomerate, had in August acquired Vishwapradhan Commercial Private Limited (VCPL), a little-known company. This company had given a loan of about 400 crores to NDTV founders Dr. Pranav Roy and Radhika Roy a decade ago. The loan was given against a warrant with the condition that VCPL could acquire 29.18 percent shares of NDTV at any time.
Earlier, stock market regulator SEBI had given approval to Adani Group to make an open offer to buy additional 26 percent shares of media company New Delhi Television (NDTV). According to this approval, the Adani Group’s offer came on 22 November and was closed on 5 December. The price of one share of the company has been fixed at Rs 294 in the offer. The market regulator gave final approval for this offer of 492.81 crores on 7 November.
The open offer by Adani Group has been made at a discount to the current share price of NDTV. Under the open offer, the share price has been fixed at Rs 294 per share, while NDTV shares closed at Rs 414.40 on the stock exchanges on Friday.
The shares offered so far constitute 8.26 percent of NDTV’s shares. Apart from this, the Adani group has already acquired a 29.18 percent stake. Now together, the group’s stake in the media company will be 37.44 percent. This is higher than the 32.26 percent stake held by the company’s founders Prannoy Roy and Radhika Roy.