Adani Enterprises has made an open offer to buy a 29 per cent stake in (New Delhi Television Ltd) NDTV.
AMG Media Networks Limited, a subsidiary of the Adani group, will indirectly acquire a 29.18% stake in NDTV and launch an open offer for another 26% stake in the media house, the Adani Group said in a statement.
“AMNL’s wholly owned subsidiary VCPL holds warrants of RRPR Holding Private Limited (RRPR) entitling it to convert them into 99.99% stake in RRPR. VCPL has exercised warrants to acquire 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR. RRPR is a promoter group company of NDTV (NDTV, BSE: 532529) and holds 29.18% stake in NDTV,” the statement read.
A public announcement has been made by JM Financial Ltd, which is managing the offer on behalf of the acquirers.
The Adani Group entities will launch an open offer to acquire up to 26% stake in NDTV, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms," said Sanjay Pugalia, CEO, AMG Media Networks Limited.
“AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge. With its leading position in news and its strong and diverse reach across genres and geographies, NDTV is the most suitable broadcast and digital platform."
On Tuesday, shares of NDTV settled at Rs 366.20 on BSE, up 2.61 per cent from the previous close.
Its revenue for the financial year ended March 31, 2022 was Rs 230.91 crore.
