NDTV Founders Prannoy Roy and Radhika Roy sold 27.26% of their equity in NDTV to Adani-controlled RRPR Holding at 342.65 rupees per share, as per the filing, almost 17% mark up to marginal shareholders received in an open offer that closed December 5. The transaction, boosting their NDTV stake to 64.7%, was announced a week ago.

Despite acquisition rules mandating all existing shareholders to be paid the same price, the Adani-Roy share transfer is excused from the takeover rules, allowing them to pay the premium since vehicles are linked to the company’s proprietors.

While the deft legal move shows the inventiveness of the tycoon and his dealmakers in settling acquisitions — Adani’s access into NDTV four months ago was also via an ancillary route — it could appeal the regulator’s study because it is partial to shared shareholders.

NDTV’s shares rose 5.8% during the exchange in Mumbai, pushing this year’s flow to 203%. First, the transaction is called an inter-se transfer. Share sale among entities linked to NDTV’s owners allows reimbursing a premium to the current market price. Adani meets this ailment only because of RRPR Holding, a prevailing NDTV holding company buying the Roys’ shares.

RRPR’s tenure transformed to an Adani Group firm recently but didn’t modify anything since the Indian parameter doesn’t consider deviations at the holding company level.