Adani Group To Indirectly Acquire 29% Stake In NDTV, Launches Open Offer
AMG Media Networks Limited (AMNL), the media arm of Gautam Adani led Adani Group will indirectly acquire 29.18 per cent stake in New Delhi Television (NDTV).
The acquisition will be made through Vishvapradhan Commercial Private Limited (VPCL), a wholly owned subsidiary of AMG Media Networks Limited, owned by Adani Enterprises Ltd.
"VCPL has exercised the rights to acquire "99.5 percent of the equity shares of RRPR Holding Private Limited", a promoter group company of NDTV which holds 29.18 percent stake in the media group," a press statement from the group read.
This will trigger an open offer to acquire up to 26 percent stake in NDTV in terms of SEBI’s takeover regulations, the company said.
A BSE filing said the open offer is at Rs 294 per equity share aggregating to a total consideration of up to Rs 492.8 crore payable in cash.
The offer price is higher than the price determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations, JM Financial said.
AMNL CEO Sanjay Pugalia said this "acquisition is a significant milestone" in the company's goal to "pave the path of new age media across platforms."
“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.
Shares of NDTV closed at Rs 374.70 apiece at the BSE, which was 4.99 percent higher as compared to the previous day's close. At the NSE, the shares surged by 3.09 percent to close at Rs 369.75 apiece.
