New Delhi Television (NDTV) has deferred its annual general meeting (AGM) by a week, following Adani Group’s plans to acquire a 29.18% stake in the media firm and launch an open offer for another 26%.NDTV, which had convened its AGM on September 20, will now hold the annual shareholders’ meeting on September 27, the media firm said in a regulatory update.
The AGM has been postponed due to the processes required after the notice and public announcement of the open offer made by Vishvapradhan Commercial (an indirect subsidiary of Adani Enterprises) to public shareholders for acquiring up to 26% of voting share capital of the company, it added.
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On August 23, Adani Group made a bid to acquire a controlling stake in NDTV, which was seen as a hostile attempt as the media firm said it was not aware of the development till it received a notice. Adani Group had also asked the firm to transfer all its stake to an Adani group company “within two days”.
Later, the media firm has expressed its inability to transfer the shares, citing regulatory hurdles, while Adani Group rebutted it stating the objections were “legally untenable and devoid of merit”.