Adani group gets approval for NDTV open offer boosting takeover bid

Billionaire Gautam Adani’s conglomerate received the regulatory nod to float an open offer for a further 26% stake in New Delhi Television Ltd., marking a crucial milestone in a takeover battle between Asia’s richest person and the broadcaster’s founders.

The Securities & Exchange Board of India, or Sebi, approved Adani Group’s open offer, according to a statement on the market regulator’s website Monday, allowing Adani to buy more equity from the media firm’s minority shareholders. The conglomerate revised the offer’s roll out date to Nov. 22. It will close on Dec. 5, NDTV said last week.

Adani’s initial plan was to launch its open offer last month, but was delayed as it awaited Sebi’s approval.