Thursday, February 2, 2023
HomeDigit NewsAdani NDTV Takeover: A new twist in Adani's efforts to take over...

Adani NDTV Takeover: A new twist in Adani’s efforts to take over NDTV, NDTV stock continues to rise

NDTV-Adani News: Now a new twist has come in the takeover of NDTV, the veteran media house of Adani Group. The Adani Group has said that the restrictions imposed by the stock market regulator SEBI do not apply to its efforts to buy NDTV. Adani Enterprises has said that the SEBI order does not apply to NDTV’s promoter company RRPR Holding Private Limited (RRPR), which is bought by the Adani Group and the takeover offer is applicable even without SEBI’s order.

In fact, on Thursday, the issue was caught when NDTV informed the stock exchanges that in November 2020, SEBI had given the promoters of the company the purchase and sale of shares of the company for a period of two years. Or the transfer of any shares was banned. Therefore, Adani Group’s efforts to buy stake in NDTV will require approval from the stock market regulator SEBI.

NDTV has informed the stock exchanges that when the hearing on the appeal made by it is not completed, in such a situation, Adani Group will have to get approval from SEBI to buy 29.18 per cent stake. NDTV said that SEBI has prohibited the company’s founder promoters Prannoy Roy and Radhika Roy from any kind of transactions in the stock market, directly or indirectly. This ban is for two years which will be applicable till 26 November 2022.

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However, shares of Adani Group’s NDTV continued to rise on Friday. The stock again saw a rise of 5 percent and the stock reached Rs 427.95. The upper circuit is again engaged in the stock.

It is worth noting that on Tuesday 23 August 2022 the Adani Group said that it has bought 29.19% stake in NDTV and is coming out with an open offer to buy 26 percent stake. The information of which has been given by the company to the stock exchanges. Adani Group has made an open offer of Rs 493 crore to buy an additional 26 per cent stake in NDTV at Rs 294 per share.

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