Adani moves closer to acquiring India's NDTV as founding entity transfers shares

Adani moves closer to acquiring India’s NDTV as founding entity transfers shares

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More than a decade ago, NDTV founders Radhika and Prannoy Roy took a loan of 4 billion Indian rupees ($49.00 million) from a company acquired by Adani in August. In return, they issued warrants that allowed the company to acquire a 29.18% stake in the news group.

NDTV sought to block the transfer of shares in August, saying its founders were barred from buying or selling shares in India’s securities market since 2020, and therefore cannot transfer shares that Adani controls. Was trying to secure.

NDTV said the entity backed by its founders issued shares on November 26 after the market regulator’s ban on its founders ended.

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