NDTV’s largest REIT shareholder is a fund dominated by Adani shares

WITH Adani Group set to launch its open offer for NDTV Ltd on October 17, its bid to acquire a further 26% in the television company will depend on existing investors offering their shares at Rs 294 apiece. The stock closed at Rs 515.1 on the Bombay Stock Exchange on Friday.

The main shareholder of NDTV, besides the promoters Prannoy Roy and Radhika Roy (32.26%) and the Adani Group (29.18%), is the Mauritius registered foreign portfolio investor (REIT) LTS Investment Fund Ltd with a 9.75% stake. He purchased this stake during the quarter ending September 2016.

An analysis of the portfolio of LTS Investment Fund Ltd reveals that of the Rs 20,710.2 crore value of its stake at the end of June 2022 – the most recent quarter for which data is available – 97.78% comes from companies in the Adani group.

The breakdown of the LTS portfolio, as of Saturday:

Adani Power Ltd: Rs 1,692.3 crore

Adani Enterprises Ltd: Rs 6,475.1 crores

Adani Transmission Ltd: Rs 7,010.7 crore

Adani Total Gas Ltd: Rs 5,073.9 crores

NDTV Ltd: Rs 326.7 billion

Others: Rs 131.5 billion

NDTV’s next major REIT shareholder is Mauritius-based Vikasa India EIF I Fund, with a 4.42% stake in NDTV which it acquired in the quarter ending September 2021.

While LTS Investment purchased 9.75% of NDTV from Oswal Greentech, Vikasa India EIF I Fund acquired 4.42% of NDTV from Eriska Investment Fund Ltd, registered in Mauritius, which in turn purchased it from Oswal Greentech during the quarter ended September 2016.

In other words, the 14.17% stake in NDTV that Oswal Greentech purchased in the quarter ended December 2011 is now owned by LTS Investment Fund and Vikasa India EIF I Fund.

Around the same time LTS Investment Fund entered NDTV, Kolkata-based GRD Securities bought 3.47% of NDTV in the quarter ending March 2016.

Later, other entities with director ties to GRD Securities also acquired shares of NDTV. As of June 30, 2022, these four companies, GRD Securities (2.8% in NDTV), Drolia Agencies (1.48%), Adesh Broking (1.5%) and Confirm Real Build (1.33%), cumulatively hold 7.11% cent in NDTV.

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