Adani now in position to name directors to board of NDTV

Having taken control of RRPR Holdings, the NDTV promoter company holding 29.18% equity in the broadcaster, Adani Group through its subsidiary Vishvapradhan Commercial Pvt. Ltd (VCPL) could push to nominate its directors on the NDTV board.

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And though the open offer didn't attract any investor interest for the second straight session on Wednesday, Adani Group has become the single largest shareholder of NDTV, taking it a step closer to wresting control of the company, founders of proxy advisory firms have said.

Together with acquiring a 29.18% stake in NDTV by taking control of RRPR Holdings from the Roys, Adani Group has acquired 8.26% of the company's equity, as on 30 November, through an open offer triggered after it bought VCPL in late August.

This takes Adani Group shareholding through its wholly-owned subsidiary VCPL to 37.44%, making it NDTV's single-largest shareholder, followed by Radhika and Prannoy Roy who hold a combined 32.26%.

The open offer, which opened on 22 November and will run till 5 December, didn't attract any fresh subscription from investors on November 29-30, data from the Bombay Stock Exchange shows.

The NDTV share opened Wednesday at the upper circuit of ₹446.30 and remained locked through the session at that price.

The offer price of ₹294 is at a 34% discount to the market price, which hit the 5% upper circuit for the fourth straight session.