The Adani Group informed stock exchanges that it has acquired additional 27.26 per cent equity stake in NDTV from founders Prannoy Roy and his wife Radhika Roy. The billionaire Gautam Adani-backed Adani Group acquired shares from Roys at Rs 342.65 per share which was 16.55 per cent higher than the open offer price of Rs 294 per share.
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Vishvapradhan Commercial Private Limited (an indirect subsidiary of the company) holds 8.27 per cent equity stake in NDTV and RRPR (prior to the present acquisition) held 29.18 per cent equity stake in NDTV. Consequent to the present acquisition, RRPR will hold 56.45 per cent. Adani Group has acquired Roys’ share at deal worth Rs 602.30 crore. The acquisition was completed on December 30, 2022 on the block deal window of NSE.
About The Whole Time-line of This Acquisition:
RRPR Holding Pvt Ltd is the firm that Adani Group indirectly acquired in August, triggering an open offer to buy a further 26 per cent of the media company.
Adani Group acquired a 29.18 per cent stake in NDTV by buying a company backed by the television network’s founders, Radhika Roy and Prannoy Roy. Thereafter, it made an open offer to acquire an additional 26 per cent from public shareholders.
That open offer found investors willing to sell over 53 lakh shares of NDTV despite the deep discount on the stock’s trading price. The stock tendered translated to an 8.26 per cent shareholding, taking the total interest of Adani Group in NDTV to 37.44 per cent – higher than the 32.26 per cent holding of founders.
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