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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
- 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.
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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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