Adani Group needs Sebi nod for acquisition, says NDTV
Mumbai: New Delhi Television Ltd (NDTV) said on Thursday Adani Group needs the approval of the Securities and Exchange Board of India (Sebi) to go ahead with the acquisition of the news broadcaster as its promoters - Prannoy Roy and Radhika Roy - are barred from accessing the securities market. The move is seen as an attempt by NDTV to stop Adani''s buyout of the company, said lawyers and market participants."…unless pending appeal proceedings were to successfully conclude prior, Sebi approval is necessary for the proposed Acquirer (Adani Group) to secure 99.5% interests in the Promoter Group vehicle, since this would consequently lead to acquisition of voting rights in respect of 29.18% of the issued share capital of the Target Company (NDTV) held by the Promoter Group vehicle," said NDTV in its disclosure to the stock exchange on Thursday.On November 27, 2020, the capital markets regulator had restrained NDTV promoters Prannoy Roy and Radhika Roy from dealing in securities directly or indirectly for two years for alleged insider trading.
Adani Group needs Sebi nod for acquisition, says NDTV
Mumbai: New Delhi Television Ltd (NDTV) said on Thursday Adani Group needs the approval of the Securities and Exchange Board of India (Sebi) to go ahead with the acquisition of the news broadcaster as its promoters - Prannoy Roy and Radhika Roy - are barred from accessing the securities market. The move is seen as an attempt by NDTV to stop Adani''s buyout of the company, said lawyers and market participants."…unless pending appeal proceedings were to successfully conclude prior, Sebi approval is necessary for the proposed Acquirer (Adani Group) to secure 99.5% interests in the Promoter Group vehicle, since this would consequently lead to acquisition of voting rights in respect of 29.18% of the issued share capital of the Target Company (NDTV) held by the Promoter Group vehicle," said NDTV in its disclosure to the stock exchange on Thursday.On November 27, 2020, the capital markets regulator had restrained NDTV promoters Prannoy Roy and Radhika Roy from dealing in securities directly or indirectly for two years for alleged insider trading.