ndtv adani: NDTV says Adani entity’s move to take control of shareholder ‘without consent’

BENGALURU: (NDTV) said on Tuesday an Adani Group entity’s move to take control of ‘s major shareholder was without consent from the company or its founders.

“NDTV founders and the company would like to make it clear that this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today,” NDTV said in a regulatory filing.

Indian billionaire Gautam Adani’s conglomerate on Tuesday said it seeks to control a majority stake in the popular

(NDTV), a move the TV news group said was executed without its consent.

A unit of the Adani Group said it had used financial rights in a bid to purchase a 29.18% stake in NDTV, laying out plans for a subsequent open offer for another 26% stake in line with Indian regulations.

Hours after the announcement, NDTV issued a statement saying the move by the Adani group “was executed without any input from, conversation with, or consent of the NDTV founders.”

Adani Group did not respond to NDTV’s remarks.

One of nation’s most popular news organisations, NDTV is regarded as one of the few media groups which often takes a critical view of the ruling administration’s policies. It operates three national channels – NDTV 24×7 in English, NDTV India in Hindi and a business news channel.

While Adani did not disclose financial details of the group’s planned 29.18% stake purchase, it said its subsequent open offer would be for 294 Indian rupees ($3.68) per NDTV share, which would be worth 4.93 billion rupees.

That open offer price is at a 20.5% discount to NDTV’s Tuesday’s close of 369.75 rupees.