- Wednesday, March 05, 2025
By: Shubham Ghosh
Adani Enterprises on Tuesday (3) said it will raise the money it pays to stakeholders of New Delhi Television Ltd (NDTV) who tendered their shares in the conglomerate’s open offer to match what it gave the news channel’s founders for their stake, Reuters reported.
According to Adani Enterprises, it will pay an additional Rs 48.65 (£0.49) per NDTV share to investors who sold their shares in an open offer made between November 22 and December 5, taking the payout to Rs 342.65 (£3.45) per share and matching what it paid to the founders of NDTV, Radhika and Prannoy Roy, Reuters added.
“The Securities and Exchange Board of India’s takeover guidelines are clear … Whatever price the acquiree gets, the minority shareholders also should get the same,” Shriram Subramanian, managing director of InGovern Research Services, a Bengaluru-based corporate governance advisory firm, was quoted as saying.
About 5.3 million shares were tendered in the open offer, at Rs 294 (£2.96) per share, and Gautam Adani, India’s richest man, now controls about 65 per cent of NDTV after acquiring a 27.26 per cent stake from the Roys last week, four months after launching his takeover.
Founded in 1988 and owned by the Roys — husband and wife — NDTV had said the takeover move “was executed without any input from, conversation with, or consent of the NDTV founders”.
The founders still sold a majority of their shares and retained only a five per cent stake. The Roys and four other independent directors also stepped down from the board, effective December 30.
NDTV’s stock is down about 20 per cent since Adani’s announced his takeover plans in August.
They were last up 1.2 per cent on Tuesday (3).
