Adani closes in on India’s NDTV takeover as founder entity transfers shares

New Delhi Television Ltd (NDTV) said on Monday an entity backed by its founders had issued shares to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate a step closer to taking over the media firm.

The transfer of shares will give Adani control over a 29.18 per cent stake in the news group. Adani is also conducting an open offer running between Nov. 22 and Dec. 5 for a 26 per cent stake in NDTV.

The open offer drew bids for 5.3 million shares as of Monday’s close, or around 32 per cent the 16.8 million shares on offer, exchange data showed.

The ports-to-energy conglomerate run by Asia’s richest man unveiled plans late in August to acquire a majority stake in the popular news network, seen as a bastion of independent media.