Adani raises the payout amount for NDTV stockholders to match the payment of Roys
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New Delhi: Adani Enterprises announced that it will raise the payout amount to NDTV stockholders who tendered their shares in the open offer. This is to match what Adani paid the founders, Radhika and Prannoy Roy, of the channel for their stake.
He acquired a 27.6% stake from the Roys last week.
Those who sold their NDTV shares between November 22 and December 5 will now get an additional Rs 48.65 per share, reported The Indian Express. This is in accordance with the Securities and Exchange Board of India’s takeover guidelines that whatever price the acquiree gets, the minority shareholders also should get the same.
The Roys said the takeover move was executed without any input from, conversation with, or consent from them. The media group was founded in 1988 by Radhika and Prannoy Roy. Last week, they sold the majority of their shares and retained only a 5% stake. They along with four other independent directors resigned from the board.
In the open offer, around 5.3 million shares were tendered at Rs 294. As a result, billionaire Gautam Adani controls around 65% of the NDTV shares. He launched the takeover four months ago.
Since then, NDTV's stock has plummeted by about 20%. They were last up by 1.2% on Tuesday.