New Delhi: The open offer that Adani Group had launched to acquire an additional 26 per cent share in New Delhi Television (NDTV) closed on Monday, December 5. Investors have tendered 5.32 million shares or a third of the open offer size of 16.7 million shares, according to BSE data.
Adani Group, which already has a 29.18 per cent stake in NDTV through Vishvapradhan Commercial Private Limited (VCPL), has picked up an additional 8.26 per cent stake through an open offer route. Adani Group has become the largest shareholder in the company with 37.44 per cent stake — more than the 32.26 per cent stake jointly held by Radhika Roy and Prannoy Roy.
“As the largest shareholder, the Adani Group can propose reconstitution of the NDTV board,” Sriram Subramanian, managing director, InGovern, a Chennai-based proxy advisory firm, said as quoted by the Business Standard.
“For this, the Adani Group will have to call for a shareholders’ meet and propose new directors on the board. This proposal will have to be put up for voting by shareholders, which will be an ordinary resolution requiring 50 per cent of voting shareholders to approve it”, Sriram added.
