A deft legal maneuver helped Gautam Adani cement majority stake in NDTV

The sweetener offered by billionaire Gautam Adani’s conglomerate to the once-defiant founders of New Delhi Television Ltd. could test India’s takeover regulations that require all shareholders to be paid the same price by an acquirer.
Founders Prannoy Roy and Radhika Roy will sell 27.26% of their equity in NDTV to Adani-controlled RRPR Holding Pvt. at as much as 460.53 rupees per share, according to a filing Friday. If the Roys do receive this price, it would be a 57% mark up to what minority shareholders received in an open offer that closed Dec. 5.