Adani Group’s VCPL buys 8.27% of NDTV in an open offer

Adani Group’s Vishvapradhan Commercial Private Limited announced the acquisition of an 8.27% stake in Indian TV news channel NDTV via an open offer. It paid $294 per share for 5,330,792 shares with a face value of $4 each as part of the acquisition.

Adani Group previously owned 29.18 percent of the company through its subsidiary RRPR Holding Private Limited. With the acquisition of 8.27% of the shares by VCPL, Adani now owns 37.45% of the company. Following the acquisition, Dr. Prannoy Roy and his wife Radhika Roy’s company share ownership was reduced to 15.94% and 16.32%, respectively. With this acquisition, Adani has surpassed Roys as the largest shareholder in NDTV, holding approximately 32.26% of the shares.

Gautam Adani Group launched an open offer for an additional 26% stake in NDTV last month, which lasted until December 5th. The offer was extended following VCPL’s acquisition of NDTV’s promoter firm, RRPR Holding Private Limited.Adani Group, as the largest shareholder in NDTV, can seek control of the board by reconstituting it. They can also propose their own set of directors and remove the current directors.

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