Adani Enterprises said it will pay an additional Rs 48.65 per share of NDTV to investors who sold their shares in an open offer between November 22 and December 5, taking the payment per share to Rs 342.65, and NDTV founders Radhika and Pranay paid to Roy. ,
“The Securities and Exchange Board of India’s takeover guidelines are clear… Whatever price the acquirer gets, the minority shareholders should also get the same,” said Sriram Subramaniam, managing director at InGovern Research Services, a Bengaluru-based corporate governance advisory firm. ,
About 5.3 million shares were offered at Rs 294 per share in the open offer, and Indian billionaire Gautam Adani controls about 65% of NDTV after acquiring a 27.26% stake from Royce last week, four months after launching his takeover.
Established in 1988 and owned by the husband-wife team, NDTV had said that the acquisition move was “executed without any input, negotiation or consent from the NDTV founders”.
Nevertheless, the founders sold most of their shares and only retained a 5% stake. The Roy family and four other independent directors also resigned from the board with effect from December 30.
NDTV shares have fallen nearly 20% since Adani announced its acquisition plans in August. They were up 1.2% on Tuesday.