The Adani Group said in a statement that AMG Media Networks Limited, a division of the Adani group, will indirectly purchase a 29.18% share in New Delhi Television Ltd (NDTV) and make an open offer for a further 26% investment in the media company. A 493-crore open offer was made by Adani companies for a 26% interest in NDTV at 294 per share. Shares of the multinational media company ended the day 5% higher at $376.55 per.
RRPR Holding Private Limited (RRPR) warrants are held by AMNL’s wholly owned subsidiary VCPL, giving it the right to convert them into a 99.99% ownership in RRPR. In order to acquire a 99.5% share in RRPR, VCPL executed warrants. As a result of this acquisition, VCPL will come under control of RRPR.
A promoter group firm of NDTV, RRPR owns a 29.18% interest in the network. An open offer will be made by VCPL, AMNL, and AEL (individuals acting jointly) to purchase up to a 26% stake in NDTV for 294 rupees a share.
According to the 2011 SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, the Adani group firms would begin an open offer to purchase up to 26% of NDTV.
JM Financial Ltd, which is overseeing the offer on behalf of the acquirers, has made a public announcement that, “The Offer Price is higher than the price determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations,” the offer said.
Three national news stations are run by NDTV, a renowned media company, including NDTV 24×7, NDTV India, and NDTV Profit. With more than 35 million followers across various platforms, it continues to be one of the most popular news accounts on social media and has a significant online presence as well.
In FY22, the company reported revenues of 421 crores, EBITDA of 123 crores, and net income of 85 crores.
This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms,” said by Sanjay Pugalia, CEO of AMG Media Networks Limited.
