NDTV: A unit of the Adani Group received shares from a company backed by New Delhi Television Ltd. on Monday, bringing the billionaire Gautam Adani-led conglomerate one step closer to acquiring the media company.
Adani will have control over a 29.18% interest in the news business following the share transfer. Additionally, Adani is holding an open offer for a 26% share in NDTV from November 22 to December 5.
As of Monday’s end, bids were received for 5.3 million shares, or around 32% of the 16.8 million shares that were being offered, according to exchange data.
Late in August, the ports-to-energy conglomerate headed by Asia’s richest man disclosed plans to buy a majority interest in the well-known news network, which is regarded as a bulwark of independent journalism.
Radhika and Prannoy Roy, the creators of NDTV, received a $49.00 million loan from a business that Adani purchased in August more than ten years ago. They gave the firm warrants in return, enabling it to buy a 29.18% interest in the news organisation.
In August, NDTV attempted to stop the transfer of shares by arguing that since its founders are no longer permitted to buy or sell shares on the Indian stock market, they cannot transfer the shares that Adani was trying to acquire in an effort to gain control.
According to NDTV, when the market regulator’s limitations on the company’s founders expired on November 26, the business supported by its founders issued shares.