According to a statement published on SEBI’s website, the Securities and Exchange Board of India has accepted Adani Group’s open offer, allowing Adani to buy more shares from the media company’s minority owners.
The conglomerate headed by Gautam Adani, Asia’s richest man, has revised the launch date of the offer to November 22. NDTV announced this week that it will close on December 5.
Adani had originally intended to launch its open offer last month, but it was delayed while it awaited approval from the market regulator. After indirectly acquiring a 29.18% stake in the broadcaster in August, the billionaire’s ports-to-power business has launched a hostile takeover effort.
NDTV’s founders received a loan of more than 400 million from a little-known company more than ten years ago in exchange for warrants that would have allowed the company to buy a 29.18% stake in the news organization at any time.
The buyout attempt was rejected by NDTV founders Prannoy Roy and Radhika Roy. They insisted that none of them knew anything about the takeover and that it was carried out without their permission.
Adani has now taken a step towards expanding its presence in the Indian media industry. The billionaire is rapidly expanding his business beyond the foundations of coal mining and ports to provide airports, data centers, cement and digital services. The billionaire’s personal wealth, estimated at around $138 billion, has grown the most worldwide in 2022.
In the second quarter ended September, NDTV’s consolidated net profit rose 4.4% to Rs 13.03 crore. According to an official announcement, the company reported a net profit of 12.48 billion in the quarter from July to September last year.
NDTV shares were put up for sale by Adani Group at 294 rupees ($3.6) each, while the media company’s shares rose 24% on Monday to close at 364.85 rupees.
