Business & Finance

Adani Group To Take Over NDTV: Launched Open Offer

• By All That Trending
• 23-08-2022
• 19.56K

With an intent to acquire a decisive position in the media industry, AMG media network, a subsidiary of Adani group, will acquire a 29.2 % stake in New Delhi Television Ltd (NDTV). In addition to it, the corporate giant is set to launch an open offer for another 26% stake in the media house, the Adani group said in a statement. As per this, the Adani group made a Rs 493-crore open offer for a 26% stake in NDTV at the rate of Rs 294 per share. With the emergence of the Adani news, the media company's shares closed at a 5% higher price today at Rs 376.55 per share. 

Adani Group's Statement

The statement made by Adani Group reads, "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 a 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR. RRPR is a promoter group company of NDTV and holds 29.18% stake in NDTV".  With this offering, entities of the Adani group will launch an offer to acquire up to a 26% stake in NDTV, in compliance with the requirements of the SEBI's (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. So far in the fiscal year 2022, NDTV recorded a revenue of Rs 421 crore with an EBITDA of Rs 123 and a net profit of Rs 85 crore. The generation of high revenue attracted the attention of the Adani group to buy NDTV media networks.  https://twitter.com/ANI/status/1562055296323059712

Expert's Opinion About NDTV News

According to the CEO of AMG Media Networks, Sanjay Pugalia, "This acquisition is a significant milestone in the journey of AMNL's goal to pave the path of new age media across platforms". He 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".

About AMNL

AMNL or AMG Media Networks Limited is a wholly owned subsidiary of Adani Enterprises Ltd and manages the media business of the Adani Group. Whereas VCPL, which was earlier acquired by AMNL, is the Adani group's wholly owned subsidiary.

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