Late last month, the Adani Group acquired Vishvapradhan Commercial Pvt. Ltd. (VCPL) which held warrants convertible to 29.18% stake in NDTV. As per SEBI rules, the Adani Group – having exercised the option to convert the warrants into equity stake – made an open offer to acquire 26% shares from public shareholders, offering Rs. 294 per share. On the date of the announcement, the shares were trading on the BSE at about Rs. 370. It is unlikely any shareholder would tender their shares at a discount to the market price. So, if there is no visibility to gaining majority control over the media firm, why did the Adani Group move to acquire the 29% stake?