Adani acquires 29% stake in NDTV, launches open offer

 Gautam Adani, Asia’s richest man, signalled serious intent for a play in India’s media and entertainment industry as his companies acquired a 29% stake in broadcaster NDTV Ltd and launched an open offer to acquire an additional 26% from shareholders, as mandated by law.

The acquisition capped months of speculation about a potential acquisition that saw the NDTV stock rally fivefold in nine months (from ₹75.55 on 1 December to ₹376.55 on Tuesday on BSE).

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debentures (warrants that provide for the conversion of debt to equity) in RRPR Holding Pvt. Ltd that in turn owned 29.18% of NDTV Ltd. Vishvapradhan acquired the debentures in 2009-10 in return for a loan amounting to ₹404 crore it extended to the promoter holding company.

The acquisition drew immediate protests from NDTV, which said in a filing to the exchanges on Tuesday evening that Adani group firms had acquired the stake without consulting its promoters.

“The NDTV founders and the company would like to make it clear that this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today."

Adani’s acquisition of a stake in the high-profile broadcaster, although the subject of market speculation even before the Adani group formally announced its entry into media in March this year, dramatically came to light in exchange filings fired in quick succession on Tuesday evening. On Monday, NDTV told exchanges in response to a media query that its promoters were not engaged in any talks for a stake sale. On Tuesday evening, Adani Enterprises first announced its wholly owned subsidiary Adani Media Networks acquired Vishvapradhan from Eminent Networks and Nextwave Televentures—entities linked