As the reports of NDTV buyout by the Adani group went viral, netizens were quick to react and flooded Twitter with posts.
Adani group firms on Tuesday made an offer to acquire 26 per cent stake of New Delhi Television Ltd (NDTV) following indirect acquisition of 29.18 per cent shareholding in the media and news broadcaster.
Three firms, Vishvapradhan Commercial Pvt Ltd along with AMG Media Networks and Adani Enterprises Ltd, have offered a price of Rs 294 for the acquisition of up to 1,67,62,530 fully paid-up equity shares of NDTV having a face value of Rs 4 from the public shareholders.
A public announcement has been made by JM Financial Ltd, which is managing the offer on behalf of the acquirers.
"The Offer Price is higher than the price determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations," the offer said.
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.
Read the statement here:
Hostile takeover? Read NDTV's statement
Without discussion with New Delhi Television Limited (NDTV) or its founder-promoters, Radhika and Prannoy Roy, a notice was served upon them by Vishvapradhan Commercial Private Limited (VCPL) stating that it (VCPL) has acquired control of RRPR Holding Private Limited (RRPRH). This entity owns 29.18% of NDTV. It has been given two days to transfer all its equity shares to VCPL.
VCPL has exercised its rights based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10.
The NDTV founders and the Company would like to make it clear that this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today. As recently as yesterday, NDTV had informed the stock exchanges that there was no change in the shareholding of its founders.
NDTV has never compromised on the heart of its operations - its journalism. We continue to proudly stand by that journalism.