New Delhi: NDTV today said that Adani Group needs regulatory approval to buy its biggest shareholder, as its founders – who own the target firm – are barred from trading in securities markets.
On Tuesday, Indian billionaire Gautam Adani’s conglomerate had informed that it was seeking a controlling stake in the news channel.
Following which NDTV said the action “was executed without any input from, conversation with, or consent of the NDTV founders”.
10 years ago, NDTV founders Radhika and Prannoy Roy took a 4 billion rupee ($50 million) loan from VCPL, and in exchange had issued warrants allowing VCPL to buy 29.18% of the news group.
This is a developing story.