Adani NDTV Takeover: Adani gets Sebi nod for NDTV open bid boosting takeover bid | Rare Techy

Billionaire conglomerate Gautam Adani received the regulatory nod to float an open offer for a further 26% stake in., Marking a crucial milestone in the takeover war between the richest people in Asia and the broadcaster’s founders.

The Securities & Exchange Board of India, or SEBI, approved Adani Group’s open offer, according to a statement on the market regulator’s website Monday, allowing Adani to buy more shares from the media company’s minority shareholders. conglomerate revised the roll out date of our offer to November 22 will close on December 5,

said last week.

Adani’s initial plan was to launch an open offer last month, but it was delayed as it awaited SEBI’s approval. The billionaire port-to-power conglomerate triggered a hostile takeover bid for the broadcaster after it indirectly acquired a 29.18% stake in August.

NDTV’s founders — Prannoy Roy and Radhika Roy — opposed the offer, amid concerns that the transaction would erode press freedom in the country’s largest democracy because of the powerful tycoon’s close ties to Prime Minister Narendra Modi.

Adani is now one step closer to achieving a bigger footprint in the Indian media sector. The billionaire — whose personal fortune of nearly $138 billion has gained the most globally this year — is quickly diversifying his empire beyond its coal mining and port foundations to branch out into airports, data centers, cement and digital services.

Adani Group offered to buy NDTV shares at Rs 294 ($3.6) each, while the media company’s shares closed 24% higher at Rs 364.85 on Monday in Mumbai.