Adani Group gets 2 berths on NDTV board
NDTV has offered billionaire Gautam Adani’s group two seats on its board of directors for the pre-open offer 29.18 per cent shareholding the ports-to-energy conglomerate had acquired in the broadcaster, according to a stock exchange filing.
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New Delhi: NDTV has offered billionaire Gautam Adani's group two seats on its board of directors for the pre-open offer 29.18 per cent shareholding the ports-to-energy conglomerate had acquired in the broadcaster, according to a stock exchange filing.
The 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 New Delhi Television (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 Prannoy Roy and Radhika Roy.
"The Board of Directors of New Delhi Television Limited (NDTV), at its meeting held on December 9, 2022, has approved a proposal to invite RRPR Holding Pvt Ltd, an indirect subsidiary of Adani Enterprises Limited, holding 29.18 per cent equity share capital of NDTV, to nominate two (2) directors to the Board of NDTV," the broadcaster said in a stock exchange filing.
The appointment, it said, shall be considered in the next meeting of the Board of Directors, scheduled to be held on December 23, 2022.
