Industrialist Gautam Adani’s conglomerate on Monday received the regulatory nod to float an open offer for a further 26% stake in New Delhi Television Ltd. This makes a crucial milestone in a takeover battle between Adani and NDTV promoters Prannoy Roy and Radhika Roy.
The SEBI, in a statement said, it has approved Adani Group’s open offer, allowing Adani to buy more equity from the media firm’s minority shareholders. The conglomerate revised the offer’s roll out date to 22 November. It will close on 5 December.
Adani’s initial plan was to launch its open offer last month, but was delayed as it awaited SEBI’s approval. The billionaire’s ports-to-power conglomerate triggered a takeover bid for the broadcaster after it acquired an indirect 29.18% stake in August.
