Takeover Bid: Adani Gets Sebi's Nod For NDTV Open Offer SEBI approved Adani Group's open offer to buy more equity from the media firm's minority shareholders
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Sebi has approved Adani Group's open offer to buy an additional 26 per cent stake in broadcaster New Delhi Television Ltd, marking a crucial turning point in the takeover battle between Gautam Adani and NDTV. The move has drawn a lot of flak raising questions on the freedom of press in India.
The Securities & Exchange Board of India approved Adani Group's open offer, as per a statement on SEBI's website, allowing Adani to buy more equity from the media firm's minority shareholders. Adani's initial plan was to launch its open offer last month, but was delayed as it awaited SEBI's nod. The takeover bid was triggered after ports-to-power conglomerate acquired an indirect 29.18 per cent stake in the broadcaster in August. According to reports, the conglomerate, owned by Gautam Adani, had revised the offer's roll out date to 22 November. It will close on 5 December, NDTV had said last week.
Adani is now one step closer to gaining a bigger footprint in the media sector. Adani is rapidly expanding its empire beyond coal mining, ports to branch into airports, data centers, cement and digital services.
Prannoy Roy and Radhika Roy, NDTV's founders, had opposed the takeover bid as they claimed they were completely unaware of the takeover.
