Adani bags 8% in NDTV open offer, total hits 37%

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MUMBAI: Adani Media Networks has acquired an 8% additional stake in the open offer for NDTV, increasing its total shareholding to 37% in the media company. It had initially acquired 29% in NDTV and subsequently made an open offer for an additional 26% stake in line with India’s takeover rules. The open offer closed on Monday.
Adani’s shareholding in NDTV is now higher than the 32% held by the media company’s founders Prannoy Roy and Radhika Roy. Both Adani and the Roys will be listed as promoters of NDTV, said Shriram Subramanian, founder of proxy advisory firm InGovern.
The shareholding also gives Adani the right to propose the removal of existing directors from the board of NDTV or the appointment of new directors in the media company. These proposals fall under ordinary resolutions and require approval of majority of shareholders. Currently, both Prannoy Roy and his wife are…

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