Adani now in position to name directors to board of NDTV
The NDTV share opened Wednesday at the upper circuit of ₹446.30
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.
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.