The Adani group which is in the process of taking over NDTV has received 8.24 per cent stake from the open offer to buy 26 per cent stake in the television channel.
With this, the Adanis’ holding in NDTV has risen to 37.42 per cent as it has acquired 100 per cent stake in NDTV promoter group RRPR Holding which holds 29.18 per cent stake in the company. When the open offer ended on Monday, the Adanis received 53.27 lakh shares of NDTV, which works out to 31.79 per cent of the open offer to buy 1.67 crore shares.
Prannoy Roy and Radhika Roy, the original promoters, hold a 32.26 per cent stake in NDTV. Foreign portfolio investors hold 14.72 per cent stake – Vikasa India EIF I Fund has 4.42 per cent and LTS Investment Fund 9.75 per cent.
Currently, the Adanis don’t have any directors on the board of NDTV. However, they brought in three of their nominees on the board of RRPR Holdings after it acquired control over the promoter company.
NDTV shares on Monday closed 4.95 per cent lower at Rs 393.90 on the BSE. There were 56,599 public shareholders in the company as of September 2022.
The Roys had resigned as directors of the board of RRPR on November 29. Subsequently, Sudipta Bhattacharya, chief technology officer of Adani group, Sanjay Pugalia, senior journalist and CEO of Adani’s AMG Media Network and journalist Senthil Sinniah Chengalvarayan joined the RRPR the board. As the Adanis are yet to get majority controlling stake of over 51 per cent, it will be interesting to watch how the Adanis’ bid to control NDTV will take shape, according to a corporate observer.
It remains to be seen what the Roys do with their personal shareholding in NDTV. The market value of the stake held by the Roys works out to Rs 819 crore based on Monday’s closing price.
Shareholders who hold more than 25 per cent stake can block special resolutions. Special resolutions mean shareholders resolutions which under law require at least 75 per cent vote. Some important resolutions that need to be approved as special resolutions are change of company’s line of business, change of company’s name, modification of by-laws, buy-back of shares, inter-corporate loans and investments crossing the permissible threshold limits, sale of company’s substantial business, mergers and demergers and the removal of auditors.