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

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

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

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

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

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

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

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

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

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

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