AMG Media Networks Limited (“AMNL”), a wholly owned subsidiary of Adani Enterprises Limited (“Company”), through its subsidiary Vishvapradhan Commercial Private Limited ('VCPL') has acquired 99.5% equity stake in RRPR Holding Private Limited ('RRPR'), a promoter company of New Delhi Television Limited ('NDTV').
RRPR is a promoter group company of NDTV (NDTV, BSE: 532529) and holds 29.18% stake in NDTV
Adani group firms on Tuesday made an offer to acquire 26 per cent stake of New Delhi Television Ltd (NDTV) following indirect acquisition of 29.18 per cent shareholding in the media and news broadcaster.
Three firms, Vishvapradhan Commercial Pvt Ltd along with AMG Media Networks and Adani Enterprises Ltd, have offered a price of Rs 294 for the acquisition of up to 1,67,62,530 fully paid-up equity shares of NDTV having a face value of Rs 4 from the public shareholders.
A public announcement has been made by JM Financial Ltd, which is managing the offer on behalf of the acquirers.
"The Offer Price is higher than the price determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations," the offer said.
On Tuesday, shares of NDTV settled at Rs 366.20 on BSE, up 2.61 per cent from the previous close.
Its revenue for the financial year ended March 31, 2022 was Rs 230.91 crore.
“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms” stated Sanjay Pugalia, CEO, AMG Media Networks Limited. “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.”
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