New Delhi Television Ltd. said Adani Group needs to get approval from India’s market regulator for a hostile takeover bid, raising concerns that the takeover could upset the country’s independent news outlets. ing.
The conglomerate, headed by Asia’s richest man, Gautam Adani, needs approval from the Securities and Exchange Commission of India to buy NDTV, known as the news agency. That’s because founders and current owners Prannoy Roy and Radhika Roy have been banned from trading the stock for two years, until Nov. 26, the media house said on Thursday. said in the documents.
Adani Group announced an indirect acquisition of 29.2% on Broadcaster on Tuesday and made an offer to buy a further 26% from the public market. NDTV later said the company and its founders were not aware of the transaction and did not agree to the sale of shares.
A filing from NDTV shows the latest twist in this takeover war as Lloyd’s tries to sabotage the deal. Adani’s attempt to gain control of NDTV, considered by some lawmakers to be one of the few relatively critical media outlets of India’s Prime Minister Narendra Modi’s government, reflects close ties with tycoons and leaders. He has expressed concern that he is wary of such a relationship.
A spokeswoman for Adani Group did not immediately respond to an emailed request for comment.
NDTV’s share price, valued at around $329 million, has plummeted, soaring more than 250% this year. Shares hit his daily high of 5% on Thursday, the second time in a row, a level last seen in 2008. It is currently trading at 407.6 rupees ($5.1), almost 39% more than Adani’s open offer.
