Announces open offer for 26 pc stake
New Delhi: Billionaire Gautam Adani-led Adani group on Tuesday said that its media arm AMG Media Networks Ltd (AMNL) would indirectly acquire 29.18% stake in NDTV and launch open offer.
In a regulatory filing on BSE, the business conglomerate said that AMNL’s wholly owned subsidiary Vishvapradhan Commercial Private Limited (VCPL) holds warrants of RRPR Holding Private Limited (RRPR), a promoter group company of NDTV, entitling it to convert them into 99.99% stake in RRPR.
“RRPR is a promoter group company of NDTV and holds 29.18% stake in NDTV. VCPL, along with AMNL & Adani Enterprises Limited (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.
The take-over of NDTV would pitch Gautam Adani directly against Mukesh Ambani who controls Network18.
NDTV has three leading national channels and a strong digital platform. It recorded a revenue of Rs 421 crore with an EBITDA (Earnings before interest, taxes, depreciation, and amortization) of Rs 123 crore and net profit of Rs 85 crore in FY22.
“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms” stated Mr. 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,” he further said. (UNI)