After months of controversy and drama, the Adani Group owned by Gautam Adani has become the largest shareholder in New Delhi Television Limited (NDTV). Adani Group currently owns more than 37 percent stake in NDTV.
Adani Group who earlier acquired 29.2 percent shareholding in NDTV through an indirect acquisition had launched an open offer for an additional 26 percent stake in the news network. Through the open offer, the business conglomerate owned by the second richest man in the world was able to purchase 53 lakh shares which will amount to an 8.3 percent stake.
In the open offer that concluded Monday, corporate investors tendered 39 lakh shares, while retail investors offered to sell over 7,06,000 shares. It was not immediately clear who the participants were.
Even though the open offer was not fully successful, Adani Group is now the largest shareholder in NDTV which empowers the conglomerate to make changes in the board of directors. The Multinational conglomerate can introduce new directors on the board and remove the existing directors.
Chairman of Adani Group, Gautam Adani said that he is seeing the takeover of NDTV as an added responsibility more than a business opportunity. He also added that Prannoy Roy has been requested to continue as the chairman of NDTV even after the completion of the acquisition.
A few days ago, RRPR Holding, which is a promoter firm of NDTV owned by Radhika Roy and Prannoy Roy, transferred shares constituting 99.5 percent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL). Radhika Roy and Prannoy Roy are the founders of NDTV.
VCPL had earlier shelled out a large loan amount to RRPR Holdings in return for convertible equity warrants. In August 2022, VCPL decided to exercise rights on these share warrants which gave it a 99.5 percent stake in RRPR Holdings. Since RRPR Holdings had a 29.18 percent stake in NDTV, that stake came under the control of VCPL and its owner, Adani Group.
Soon after getting access to a 29.18 percent stake in NDTV, Adani Group decided to launch an open offer to acquire an additional stake in the news network entity.
As Adani Group acquired a stake in NDTV, Senior Executive Editor Ravish Kumar resigned from the channel. Various journalists and social activists have expressed their concerns regarding the latest takeover of NDTV by the Adani Group. A large number of people used to view NDTV as the beacon of free media in India.
