NDTV's offer to adani Group, names sought for appointment of two directors on the board
Significantly, the adani group had acquired 29.18 percent stake in New delhi television Limited (NDTV) under a deal with radhika Roy and Prannoy Roy, the founders of this tv network.
NDTV media Group has sought the names of two directors from industrialist gautam Adani's adani Group for appointment on its board. It is learned that the company has offered two seats to the adani Group. NDTV has made this offer to the diversified group in lieu of its 29.18 per cent stake in the company. Information regarding this has been sent to the stock exchanges.
Significantly, the adani group had acquired 29.18 percent stake in New delhi television Limited (NDTV) under a deal with radhika Roy and Prannoy Roy, the founders of this tv network. Subsequently, it made an open offer to acquire an additional 26 per cent from public shareholders.
The Board of Directors of NDTV has approved the proposal to invite RRPR Holding Private Limited, an indirect subsidiary of adani Enterprises Limited, in its meeting to be held on december 9, 2022. It holds 29.18 per cent equity stake in NDTV. On this basis, he has been invited to nominate two directors in NDTV.
In the information sent to the stock market, it has been said that this appointment will be considered in the next meeting of the Board of Directors to be held on december 23, 2022. The majority shareholding in NDTV also gives the adani group the right to appoint the chairman of the news broadcasting company. However, Adani's stake in the company after the open offer is not mentioned in the information sent by NDTV to the stock exchanges.
Earlier, stock market regulator SEBI had given approval to adani Group to make an open offer to buy additional 26 per cent shares of media company New delhi television (NDTV). According to this approval, the adani Group's offer came on 22 november and was closed on 5 December. The price of one share of the company has been fixed at Rs 294 in the offer. The market regulator gave final approval for this offer of 492.81 crores on 7 November.
The open offer by adani Group has been made at a discount to the current share price of NDTV. Under the open offer, the share price has been fixed at Rs 294 per share, while NDTV shares closed at Rs 414.40 on the stock exchanges on Friday.
The shares offered so far constitute 8.26 per cent of NDTV's shares. Apart from this, the adani group has already acquired 29.18 per cent stake. Now together, the group's stake in the media company will be 37.44 per cent. This is higher than the 32.26 per cent stake held by the company's founders Prannoy Roy and radhika Roy.
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