Adani Group receives approval from SEBI for open offer for NDTV shares

15 Nov 2022 , 01:33 PM

The regulatory approval to launch an open bid for a further 26% interest in New Delhi Television Ltd. by Gautam Adani’s company is a significant turning point in the takeover conflict between Asia’s richest person and the broadcaster’s founders.

According to a statement on the Securities & Exchange Board of India’s website on Monday, the SEBI has accepted the Adani Group’s open offer, allowing Adani to purchase more equity from the media company’s minority shareholders. The conglomerate changed the launch date of the promotion to November 22. NDTV said this week that it would close on December 5.

Adani had originally intended to start its open offer last month, but it had to wait for SEBI’s approval. After acquiring an indirect 29.18% stake in the broadcaster in August, the billionaire’s ports-to-power business launched a hostile takeover effort for it.

Adani has now taken a step toward expanding its presence in the Indian media industry. The billionaire is quickly expanding his company beyond its core of coal mining and ports to extend into airports, data centres, cement, and digital services. His personal fortune, valued at about $138 billion, has increased the most globally this year.

The media company’s stock ended Monday’s trading session 24% higher at Rs364.85 while the Adani Group has made an offer to purchase NDTV shares for Rs294 each.

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