India: Adani says regulatory curbs do not restrict bid to take over NDTV

The tycoon is looking to buy a near-30 per cent stake in the media company that could eventually lead to majority ownership



Photo: Reuters
Photo: Reuters

By Reuters

Published: Fri 26 Aug 2022, 11:28 AM

India's Adani Group said on Friday that regulatory restrictions imposed on New Delhi Television Ltd's (NDTV) founders do not affect the conglomerate's attempt to buy a majority stake in the news network.

On Thursday, NDTV had sought to block tycoon Gautam Adani's move, saying its founders Prannoy and Radhika Roy had — since 2020 — been barred by the Securities and Exchange Board of India (SEBI) from buying or selling shares in India's securities market. In this regard, NDTV said a deal between the Roys and Adani would require approval from SEBI, the market regulator.

On Friday, Adani Enterprises argued in a statement that NDTV's top shareholder — an investment vehicle which is held by the Roys, and which is the subject of the Adani bid — was not covered by the SEBI order, meaning the takeover offer can proceed without a specific approval from the regulatory organisation.

Adani is looking to buy a near-30 per cent stake in the media company that could eventually lead to majority ownership.

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