The Adani Group's media arm AMG Media Networks Limited (AMNL) on August 23 announced that it would indirectly acquire a 29.18 percent stake in media giant New Delhi Television Ltd (NDTV). It would also launch a Rs 493-crore open offer for another 26 percent stake in NDTV at Rs 294 per share.

Share Market Live

NSE

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 AMNL, which is owned by Adani Enterprises Ltd (AEL).

"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," Adani said in an exchange filing.

VCPL has exercised the right to acquire "99.5 percent of the equity shares of RRPR Holding Private Limited," a promoter entity of NDTV which holds 29.18 percent stake in the media group.

NDTV recorded a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and net profit 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, AMG Media Networks Ltd.

"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," Pugalia said.

NDTV’s shares closed 5 percent higher today at Rs 376.55 apiece.

(Edited by : Shoma Bhattacharjee)

First Published:Aug 23, 2022 6:59 PM IST