ADANI NOW IN A POSITION TO APPOINT BOARD MEMBERS TO NDTV BY BECOMING THE BIGGEST SHAREHOLDER

The group of billionaire Gautam Adani has found buyers for almost 53 lakh shares of NDTV despite the substantial discount to the stock's current trading price, giving it the authority to name a chairman for the broadcaster, a prerogative it may or may not use.

According to a stock market statement, the open offer, which was made after Adani group purchased a little-known company, which gave them an indirect control over 29.18% share in New Delhi Television (NDTV), concludes on December 5.

According to information accessible on the National Stock Exchange, the Adani group has received proposals for 53.27 lakh shares in comparison to the offer to purchase 1.67 crore shares, or 26% of ownership, from NDTV's minority investors at a price of Rs 294 each.

Retail investors have provided little over 7 lakh shares, while corporate investors have offered the highest at 39.34 lakh. According to NSE statistics, which does not identify either the corporates or QIBs who have offered to sell their shares, qualified institutional buyers (QIBs) had tendered 6.86 lakh shares.

According to industry analysts, Adani group is entitled to choose at least two directors on the board of the firm, including the chairwoman, because it is the largest stakeholder of NDTV. Prannoy was requested to stay chair after Gautam Adani stated his intention to expand NDTV and turn it into a global media organisation.