Adani Group's Media Entity To Buy 29.18% Stake In NDTV; Launch Open Offer For Additional Stake

Adani Group's media company on Tuesday (August 23, 2022) made an announcement that it shall take over 29.18% in the media giant New Delhi Television Ltd. (NDTV). Adani entity further mentioned that it would launch an open offer to acquire additional 26% holding in NDTV.

Adani Group's Media Entity To Buy 29.18% Stake In NDTV; Launch Open Offer For Additional Stake

The initial acquisition of 29.18% holding shall be through an indirect route as it would be done by Vishvapradhan Commercial Pvt Ltd (VCPL)- a fully owned subsidiary of AMG Media, a company promoted by Adani Enterprises.

VCPL has exercised the right to acquire "99.5 percent of the equity shares of RRPR Holding Private Limited", a promoter entity of NDTV which holds 29.18 percent stake in the media group, a press release said. "VCPL, along with AMNL and AEL, will launch an open offer to acquire up to 26 percent stake in NDTV, in compliance with the requirements of the SEBI's (Substantial Acquisition of Shares and Takeovers) Regulations, 2011", the release noted.

This will give pave way for an open offer to acquire up to 26 percent stake in NDTV in terms of SEBI's takeover regulations, the company said.

"This acquisition is a significant milestone in the journey of AMNL's goal to pave the path of new age media across platforms" AMNL CEO -Sanjay Pugalia said. "We look forward to strengthening NDTV's leadership in news delivery."

"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 to deliver on our vision. We look forward to strengthening NDTV's leadership in news delivery," Pugalia added.

NDTV runs 3 national level news channels-NDTV India, NDTV 24x7 and NDTV Profit. The company is a small cap entity with a m-cap of Rs. 2383 crore. The company's scrip in trade today closed at Rs. 369.75 per share.

GoodReturns.in