Adani Group’s media arm on August 23 declared that it would purchase a 29.18 percent stake in New Delhi Television Ltd (NDTV), and made an open offer to acquire another 26 percent of the shares in the media giant.
Adani entities made Rs 493-crore open offer for a 26% stake in NDTV at Rs 294 per share. The company’s shares closed 5 percent higher on Tuesday at Rs 376.55 per unit.
AMNL, wholly-owned subsidiary of Adani Enterprises Limited (AEL), houses the media business of the Adani Group.
“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,” the company’s statement said.
“RRPR is a promoter group company of NDTV [NDTV, BSE: 532529] and holds 29.18% stake in NDTV. 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,” the statement added.
Adani Group’s unit AMG Media Networks in May also had announced the purchase of a 49 percent stake in Raghav Bahl-run digital business news platform Quintillion Business Media for an undisclosed sum.
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