Reverse offer or court battle with Adani next for NDTV's promoters

Media firm could take help from a white knight, either from India or overseas, say experts

- VIVEAT SUSAN PINTO

In the centre of an ownership battle with Adani Group, New Delhi Television (NDTV) can prevent a takeover by the group if it can buy more shares from public shareholders, corporate lawyers told Business Standard.

On Tuesday, the media arm of Adani Group said it had exercised rights to acquire an indirect stake of 29.18 per cent in NDTV through conversion of loans into equity in a promoter group entity of NDTV.

This will trigger a mandatory open offer for an additional 26 per cent stake in NDTV, even as the broadcaster said its founder promoters had neither consented to the exercise of rights nor was any conversation or input given on the matter.

"The open offer implies that any shareholder beyond the promoter group can tender their shares at a pre-determined price," said HP Ranina, senior Supreme Court advocate.