NDTV promoter firm transferred a 99.5% stake to Adani-owned VPCL

On Monday, New Delhi Television Ltd (NDTV) said an entity backed by its founders had issued shares to a unit of the Adani Group, bringing the billionaire Gautam Adani-led conglomerate closer to taking over the media firm.

The share transfer will give Adani a 29.18% stake in the newsgroup. Adani is also making an open offer for 26% stake in NDTV between November 22 and December 5.

Exchange data showed the open offer drew bids for about 5.3 million shares on Monday, or about 32% of the 16.8 million shares on offer.

The ports-to-energy conglomerate run by Asia’s richest man unveiled plans in late August to acquire a majority stake in the popular news network seen as a bastion of independent media.

Over a decade ago, NDTV founders Radhika and Prannoy Roy took a loan of 4 billion Indian rupees ($49.00 million) from a company acquired by Adani in August. In return, they issued warrants that allowed the company to purchase a 29.18% stake in the newsgroup.

NDTV in August sought to block the transfer of shares, saying its founders were barred from buying or selling India shares from 2020.