Adani Group to acquire 29.18% stake in NDTV, launch open offer
- ByStartupStory | August 24, 2022
On August 23, AMG Media Networks Limited (AMNL), the media division of the Adani Group, declared that it would subtly purchase a 29.18 percent share in media behemoth New Delhi Television Ltd. (NDTV). In addition, it would make an open offer of Rs 493 crore for an additional 26 percent of NDTV at Rs 294 per share.
The acquisition of 29.18 percent stake will be indirect, as it will be made through Vishvapradhan Commercial Pvt Ltd (VCPL), a wholly owned subsidiary of AMG Media Network Ltd (AMNL), which is owned by Adani Enterprises Ltd (AEL).
Adani in an exchange filing mentioned,
“VCPL, along with AMNL & AEL (persons acting in concert), 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.
A promoter company for NDTV that owns a 29.18 percent stake in the media business, RRPR Holding Private Limited, VCPL has exercised its entitlement to purchase “99.5 percent of the equity shares of RRPR Holding Private Limited.”
In FY22, NDTV reported revenue of Rs. 421 crore, EBITDA of Rs. 123 crore, and net profit of Rs. 85 crore with very little debt.
According to Sanjay Pugalia, CEO of AMG Media Networks Ltd, “This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms,”.
Furthermore, pugalia 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,”
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