Mumbai : AMG Media Networks Limited (AMNL), a division of the Adani group, will indirectly purchase a 29.18 percent stake in New Delhi Television Ltd (NDTV) and make an open offer for a further 26 percent stake in the media company, the Adani Group said in a statement.
Adani entities made Rs 493 crore open offer for 26 per cent stake in NDTV at Rs 294 per share. The media giant’s shares closed 5 per cent higher today at ₹376.55 a piece.
“AMNL’s wholly owned subsidiary Vishvapradhan Commercial Private Ltd (VCPL) holds warrants of RRPR Holding Private Limited (RRPR) entitling it to convert them into 99.99 percent stake in RRPR. VCPL has exercised warrants to acquire 99.5 percent stake in RRPR,” said a company’s statement.
It further states, “Such acquisition will result in VCPL acquiring control of RRPR. RRPR is a promoter group company of NDTV (NDTV, BSE: 532529) and holds 29.18 percent stake in NDTV. VCPL, along with AMNL & AEL (persons acting in concert), 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.”
NDTV is a leading media house that has pioneered the delivery of credible news for over three decades. The company operates three national news channels – NDTV 24×7, NDTV India, and NDTV Profit. It also has a strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms.
AMG Media Networks Limited CEO Sanjay Pugalia also said in a statement, “This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms.”
He further added, “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.”
NDTV recorded a revenue of Rs 421 crore with earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 123 crore and a net profit of Rs 85 crore in FY22 with negligible debt.