Adani's purchase of NDTV founders' stake may test acquisition rules

While the deft legal move shows the ingenuity of the tycoon and his dealmakers in clinching acquisitions - Adani's entry into NDTV 4 months ago was also via an indirect route

The sweetener offered by billionaire Gautam Adani’s conglomerate to the once-defiant founders of New Delhi Television Ltd. could test India’s takeover regulations that require all shareholders to be paid the same price by an acquirer. 
 

Founders Prannoy Roy and Radhika Roy sold 27.26% of their equity in NDTV to Adani-controlled RRPR Holding Pvt. at 342.65 rupees ($4.1426) per share, according to an exchange filing Friday — an almost 17% mark up to what minority shareholders received in an open offer that closed Dec. 5. The transaction, that will boost their stake in NDTV to 64.7%, was announced last week.

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