Gautam Adani has received a big boost in his attempt to take over NDTV when the Securities and Exchange Board of India (Sebi) approved the Adani group’s open offer to buy an additional 26 per cent of the independent broadcaster.

The green signal from the market regulator means that Adani can acquire more shares from the minority shareholders of NDTV, if the billionaire industrialist revises the offer price of Rs 294 per share which is ruling at a discount of almost 20 per cent to the Monday’s closing price of Rs 365.85 on the BSE.

The Adanis have time till November 18 to raise the open offer price. In August this year, the Adani group had announced the acquisition of RRPR Holding Private Ltd (RRPR) a promoter firm of NDTV. Following the purchase, three Adani group firms said that they are jointly making an open offer to acquire an additional 26 per cent of the media firm.

RRPR currently has a 29.18 per cent shareholding in NDTV. AEL disclosed that AMNL’s wholly owned subsidiary Vishvapradhan Commercial Private Limited (VCPL) holds warrants of RRPR entitling it to convert them into 99.99 per cent stake in the latter. It added that VCPL had exercised these warrants to acquire a 99.5 per cent stake in RRPR and that such acquisition would result in VCPL acquiring control of RRPR.

The Roys who are the current promoters of NDTV said that VCPL has exercised its rights to acquire control of RRPR without any discussion with the company or them. Last week, the Adani group had announced a revised timeline for the open offer.

As per the new schedule, the offer to its minority shareholders will open on November 22 and close on December 5. VCPL has said it is committed to its vision and intends to proceed with the open offer following the Sebi (Substantial Acquisition of Shares and Takeover) Regulations, 2011.