The transfer of shares will give Adani control over a 29.18% stake in the news group.
Indian conglomerate Adani Group has moved a step closer in its takeover of news broadcaster New Delhi Television Ltd (NDTV.NS) with an approval from the market regulator to buy an additional 26% stake, according to media reports.
The transfer of shares will give Adani control over a 29.18% stake in the news group. Adani is also conducting an open offer running between November 22 and December 5 for a 26% stake in NDTV.
NDTV says that its promoter firm RRPR Holding Private Limited has transferred 99.5% of its equity to Adani-owned Vishvapradhan Commercial Vishvapradhan Commercial private limited (VCPL). The move makes Adani Group's takeover of the media firm more imminent.
The ports-to-energy conglomerate run by Asia's richest man unveiled plans late in August to acquire a majority stake in the popular news network, seen as a bastion of independent media.
More than a decade ago, NDTV founders Radhika and Prannoy Roy took Rs 400 crores loan from a company that Adani acquired in August. In exchange, they issued warrants that allowed the company to acquire a 29.18% stake in the news group.
NDTV had sought to block the transfer of shares in August, saying its founders had since 2020 been barred from buying or selling shares in India's securities market, and so cannot transfer shares which Adani was trying to secure in a bid to exert control.