The promoters of NDTV – Prannoy and Radhika Roy – have acquired 7.73 percent stake in the company (4,836,000 shares) from GA Global Investments, which effectively frees up the same for foreign direct investment in the company; apparently, NDTV was full up on the 26 percent FDI that is allowed in news companies.
It’s not clear what they plan to do with the stake — Indiantelevision.com adds that the couple had wanted to gift 15 percent stake to their daughter Tara Roy in 2005, but that was disallowed since the company was probably full up on its FDI limit, and she’s a non-resident Indian. But the promoters have gone ahead and also made an open offer amounting to Rs. 550 crores (around $140 million) for Rs 438.98 each. Readers should bear in mind that these transactions are in BSE-listed NDTV Ltd, and not NDTV Networks Plc, which NBC Universal (NYSE: GE) has picked up around 30 percent for a nine-figure sum, as we’d reported earlier today.