The Adani Group has become the controlling shareholder in NDTV Ltd. after founder-promoters Radhika Roy and Prannoy Roy sold a large portion of their stake.
The billionaire Gautam Adani-owned group, through its indirect subsidiary RRPR Holding, has acquired a 27.6% stake, or 1.75 crore shares, via four large deals on Dec. 30, in the news broadcaster, at Rs 342.65 apiece.
That takes RRPR’s holding in NDTV to 56.45%, according to an exchange filing. Along with another subsidiary, Vishvapradhan Commercial, Adani Group’s stake in NDTV now stands at 64.72%.
The Roys, through an exchange filing on Dec. 23, had intimated that they would be selling the bulk of their remaining holding in the news broadcast company.
The acquisition price was set at a maximum of Rs 460.53 per share, which is a premium of 25% to NDTV’s last 60-day average price of Rs 368.43. The transfer would take place within four working days, on or after Dec. 30, 2022, according to the statement.
“The AMG Media Networks, after the recent open offer, is now the single-largest shareholder in NDTV,” the Roys said in the filing.
“Since the open offer was launched, our discussions with Mr. Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness,” they said.
The Adani Group, after acquiring Vishvapradhan Commercial, sought to convert warrants issued by NDTV’s promoters into the equity of RRPR Holding. It then launched an open offer under SEBI’s takeover rules. Bloomberg