Major stakes in NDTV acquired by Adani Firms

The Adani Group said in a statement that AMG Media Networks Limited, a subsidiary of the Adani Group, will acquire a 29.18% stake in New Delhi Television Ltd (NDTV) and launch an open offer for another 26% stake in the media house. Adani entities made a 493-crore open offer for NDTV’s 26% stake at $294 per share. The media company’s stock closed 5% higher today at 376.55 per share.According to AMG Media Networks, “Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL), exercised the rights to acquire 99.5% of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.”According to SEBI’s Takeover Regulations, the move would trigger an open offer to acquire up to a 26% stake in NDTV NSE 3.09%.RRPR is an NDTV promoter group company that owns 29.18% of the company. In accordance with the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, VCPL, AMNL, and AEL will launch an open offer to acquire up to 26% of NDTV.NDTV has a strong online presence and operates three national news channels: NDTV 24×7, NDTV India, and NDTV Profit. In fiscal year 2022, the company earned Rs 421 crore in revenue, with an EBITDA of Rs 123 crore and a net profit of Rs 85 crore.

By Subhechcha Ganguly