Adani purchase of NDTV founders’ stake may test acquisition rules

The sweetener offered by billionaire Gautam Adani’s conglomerate to the once-defiant founders of New Delhi Television Ltd NSE 1.92 %. 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 sold 27.26% of their equity in NDTV to Adani-controlled RRPR Holding Pvt. at 342.65 rupees ($4.1426) per share, according to an exchange filing Friday — an almost 17% mark up to what minority shareholders received in an open offer that closed Dec. 5. The transaction, that will boost their stake in NDTV NSE 1.92 % to 64.7%, was announced last week.