Gautam Adani said that buying NDTV is not a business but a responsibility for him.

New Delhi: India and Asia’s biggest tycoon Gautam Adani has come close to becoming the owner of media company NDTV. He holds 29.18 per cent stake in NDTV. Adani Group has come out with an open offer to acquire an additional 26 per cent stake. Adani says that buying NDTV is not a business but a responsibility. Adani said this in an interview to the Financial Times. The promoters of NDTV are Prannoy Roy and his wife Radhika Roy. He holds more than 32 per cent stake in the company. The Roys say that the Adani Group did not talk to them about buying NDTV. The opposition has expressed apprehensions that NDTV’s editorial policy will be affected if Adani becomes the owner.

Adani said that freedom means that if the government has done something wrong, then you will say that it is wrong. Also, if the government is doing something good, then you should also have the courage to call it good. Adani said it has offered NDTV owner and founder Prannoy Roy to continue as chairman after the acquisition is completed. NDTV was established in 1988. In 2005, private equity firm General Atlantic bought an eight per cent stake in the company for Rs 116 crore.

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The Adani-led Adani Group had announced the acquisition of Vishwapradhan Commercial Private Limited (VCPL) in August. VCPL had given over Rs 400 crore as loan to the founders of NDTV a decade ago. Against this loan, a provision was kept for the lender to take 29.18 percent stake in NDTV at any time. Now Adani Group has made an open offer to buy additional 26 per cent stake in the company.

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AMG Media Networks and Adani Enterprises Ltd along with VCPL will buy this 26 per cent stake in NDTV. Under the open offer, 1.67 crore shares are being offered at a price of Rs 294 per share. The size of the open offer, if fully subscribed, will be Rs 492.81 crore. With this, Adani Group’s stake in NDTV will be around 55 per cent.

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