Adani to acquire 29 per cent stake in NDTV; make open offer for another 26 per cent

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New Delhi, August 23

Adani Group’s media arm has announced its intention to acquire 29.18 per cent stake in NDTV and subsequently launch an open offer to acquire another 26 per cent of the shares in the media group.

Vishvapradhan Commercial Private Limited (VCPL), wholly owned subsidiary of AMG Media Networks Limited (AMNL) which is a 100 per cent subsidiary of Adani Enterprises Limited (AEL), has exercised the rights to acquire 99.5 per cent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV. It will trigger an open offer to acquire up to 26 per cent stake in NDTV in terms of SEBI’s takeover rules.

The warrant exercise has been hand delivered to the RRPR team and acknowledgement obtained on original and the warrant exercise money has been remitted to RRPR’s bank account before the press release was sent to the stock exchanges, stated an Adani Group release.

The statutory announcement for open offer for acquiring 26 per cent of NDTV shares has also been filed with the stock exchanges.

RRPR is a promoter group company of NDTV and holds 29.18 per cent stake in NDTV.

VCPL, along with AMNL & AEL (persons acting in concert), will launch an open offer to acquire up to 26 per cent stake in NDTV, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, said the Adani Group.

It said NDTV has pioneered the delivery of credible news for over three decades and operates three national news channels. NDTV recorded revenue of Rs 421 crore with gross profits of Rs 123 crore and net profits of Rs 85 crore in FY22 with negligible debt. “This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms,” said Sanjay Pugalia, CEO of AMG Media Networks Limited.

The Adani group said NDTV is the most suitable broadcast and digital platform to deliver on its vision and looked forward to strengthening NDTV’s leadership in news delivery.