Adani Group firm to get 2 board seats in NDTV

12 Dec 2022 , 08:19 AM

According to a stock exchange filing, NDTV has offered Gautam Adani’s company two seats on its board of directors in exchange for the pre-open offer 29.18% stake the ports-to-energy conglomerate had bought in the broadcaster.

By purchasing a business sponsored by Radhika Roy and Prannoy Roy, the creators of the television network, the Adani group acquired a 29.18% share in NDTV. After that, it launched an open offer to public shareholders to buy an additional 26%.

Despite the substantial discount from the stock’s market price, investors were willing to sell over 53 lakh shares of New Delhi Television (NDTV) in response to that open offer. The shares presented amounted to 8.26% of the company, increasing the Adani Group’s overall ownership in NDTV to 37.34%

In a stock exchange filing, New Delhi Television Limited (NDTV) stated that its board of directors had approved a proposal to invite RRPR Holding Private Limited, an indirect subsidiary of Adani Enterprises Limited, which holds 29.18% of NDTV’s equity share capital, to nominate two (2) directors to the board of NDTV.

It stated that the appointment would be discussed at the upcoming board meeting, which was set for December 23, 2022.

Adani Group has the authority to choose the chairman of the news network because it holds the largest share of NDTV. Adani’s stake after the open offer was not acknowledged by NDTV in the filing, though.

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