NDTV Board approves Rs 400-crore rights issue

The board of directors of NDTV (New Delhi Television Limited), part of Adani Enterprises, has approved raising up to Rs 400 crore through a rights issue of equity shares. The decision was taken at the company’s board meeting held on Tuesday.

As per the filings submitted to the stock exchange, the broadcaster will issue fully paid-up equity shares of face value Rs 4 each to existing shareholders as on a record date that will be announced separately. The rights issue will be carried out in compliance with the Companies Act, 2013 and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. 

Also read: NDTV’s Rights Issue: A lifeline for broadcaster or a power play for Adani?

The board has set a ceiling of Rs 400 crore for the issue. The exact terms, including issue price, entitlement ratio, record date and payment mechanism, will be finalised at the next board meeting scheduled for September 8, 2025. 

According to the Adani-owned broadcaster, the capital raise is aimed at strengthening its balance sheet and improving financial flexibility. The company plans to use the proceeds to reduce debt, invest in brand building, develop new properties, and fund expansion of distribution both in India and internationally. 

Speaking on the matter, Rahul Kanwal, Chief Executive Officer and Editor-in-Chief, NDTV, said the rights issue was a critical step for the broadcaster. “With the resources we raise, we will expand our reach and deepen our impact while staying true to credible and trustworthy journalism. This investment will also help us explore new areas of growth, with the digital world opening up new possibilities and new audiences for us,” he said. 

A rights issue allows existing shareholders to buy additional shares in proportion to their current holding, usually at a discounted price. Shareholders who participate maintain their ownership percentage, while those who do not face dilution.

Promoter entities, which in NDTV’s case are controlled by the Adani Group, are expected to subscribe fully to their entitlement. Depending on the level of public shareholder participation, the promoter holding could rise further. 

The Adani Group currently owns a majority stake in NDTV through AMG Media Networks Limited, a wholly owned subsidiary of Adani Enterprises. The group acquired control of the broadcaster in 2022, marking its entry into India’s news media sector.

The Adani Group, through RRPR Holdings and Vishvapradhan Commercial, owns around 64.7% of these shares. Public shareholders own roughly 35%, while institutional investors such as mutual funds and foreign portfolio investors have almost no presence. The company’s founders, Prannoy and Radhika Roy, together hold less than 5% and are no longer classified as promoters.