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The 29.18 percent share would be acquired indirectly via Vishvapradhan Commercial Pvt Ltd (VCPL), a fully-owned subsidiary...
Digital Desk: The media division of the Adani Group revealed on Tuesday (August 23) that it would buy a 29.18 percent ownership in New Delhi Television Ltd. (NDTV) and launch an open offer to buy an additional 26 percent of the company's shares.
The 29.18 percent share would be acquired indirectly via Vishvapradhan Commercial Pvt Ltd (VCPL), a fully-owned subsidiary of AMG Media Network Ltd (AMNL), which is owned by Adani Enterprises Ltd. (AEL).
Reportedly, VCPL has used its right to acquire "99.5 percent of the equity shares of RRPR Holding Private Limited," a promoter entity of NDTV that owns 29.18 percent of the media group.
As per SEBI's takeover rules, this will result in an open offer to purchase up to a 26 percent interest in NDTV, the company stated.
"VCPL, along with AMNL and AEL, 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," the release noted.
"This "purchase is a critical milestone in the company's mission to pave the road of new age media across platforms," said AMNL CEO Sanjay Pugalia.
"AMNL aims to provide information and expertise to Indian people, customers, and foreigners with an interest in India. NDTV is the best broadcast and digital platform to carry out our goal due to its dominant position in news and strong and diverse reach across genres and geographies. We anticipate enhancing NDTV's position as the industry leader in news delivery," Pugalia added.
NDTV, which runs three national news stations-NDTV 24x7, NDTV India, and NDTV Profit-also has a strong online presence. In the fiscal year 2022, the company reported sales of Rs 421 crore, EBITDA of Rs 123 crore, and net profit of Rs 85 crore.
NDTV's shares closed at Rs 374.70 a share on the BSE, up 4.99 percent from the previous day's close. On the NSE, the shares rose 3.09 percent to Rs 369.75 per share.
NDTV's stock reached a 52-week high in September last year, amid speculation of a possible takeover by Adani Group. After that, the corporation made it clear that its promoters were not in talks with any organisation about changing the ownership or selling their stake.
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