Asia's richest man, Gautam Adani has acquired 29.18% stakes of the news company, NDTV.

Adani Group has also launched an open offer for 26% more stakes from shareholders, as mandated by law.

The acquisition capped months of speculation about a potential acquisition which saw NDTV stock rally five times in nine months.

NDTV stock rose from ₹75.55 on 1 December to ₹376.55 on Tuesday  on BSE.

Adani Group acquired the stake in NDTV indirectly by buying Vishva Pradhan Commercial Pvt. Ltd (VCPL).

VCPL owned convertible debentures in RRPR Holding Pvt. Ltd that in turn owned 29.18% of NDTV Ltd.

VCPL acquired the debentures in 2009-10 in return for a loan amounting to ₹404 crore it extended to the promoter holding company.

Adani Group & Vishvapradhan announced an open offer at ₹294 per share representing a 28% discount to NDTV’s ₹376 closing price on Tuesday.

The acquisition drew immediate protests from NDTV, which said that Adani group firms had acquired the stakes without consulting the promoters.

NDTV founder Radhika & Prannoy Roy control 32.2% of shares in NDTV, while the public shareholders  own 38.55%.