Adani group, Subsidiary AMG Meddia Networks Limited 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, the Adani Conglomerate said in a statement.
Adani Group entities made ₹493-crore open offer for 26% stake in NDTV at ₹294 per share. The media company’s shares closed 5% higher today at ₹376.55 apiece.
“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 and holds 29.18% stake in NDTV,” the statement said.
NDTV stake acquisition is a significant milestone for Adani Group
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.
NDTV recorded a revenue of ₹421 crore with an EBITDA of ₹123 crore and net profit of ₹85 crore in FY22.
“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.”
AMNL or AMG Media Networks Limited is a wholly owned subsidiary of Adani Enterprises Limited and houses the media business of the Adani Group. VCPL, which was recently acquired by AMNL, is its wholly owned subsidiary.