Adani Group’s media subsidiary on Tuesday said that it will acquire a 29.18 per cent stake in New Delhi Television Ltd (NDTV), according the news release by Adani Group. The group’s media arm will also make an open offer to acquire another 26 per cent of the shares in NDTV.
The news release by Adani Group said that the acquisition of 29.18 per cent stake will be indirect and it will be made through Vishvapradhan Commercial Pvt Ltd (VCPL), a wholly-owned subsidiary of AMG Media Network Ltd (AMNL), owned by Adani Enterprises Ltd (AEL).
VCPL has exercised warrants to acquire 99.5 per cent stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR, the release noted.
RRPR, which is a promoter group company of NDTV, holds 29.18 per cent stake in the media company.
VCPL, along with AMNL and AEL, will launch an open offer to acquire up to 26 per cent stake in NDTV, in terms of Sebi’s takeover regulations.
According to a regulatory filing, NDTV said, "Without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, a notice has been served upon them by Vishvapradhan Commercial Private Limited (VCPL), stating that it (VCPL) has exercised its rights to acquire 99.50 per cent control of RRPR Holding Private Limited (RRPRH), the promoter-owned Company that owns 29.18 per cent of NDTV. The NDTV founders and the Company would like to make it clear that this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today. RRPRH, which owns 29.18 per cent of NDTV, has been told to transfer within two days all its equity shares to VCPL."
Sanjay Pugalia, CEO, AMG Media Networks Limited, said, "This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms."
He mentioned, "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."
NDTV operates three national news channels – NDTV 24x7, NDTV India, and NDTV Profit. It also has a strong online presence and remains one of the most followed news handles on social media with more than 3.5 crore followers across various platforms.
The company has logged a revenue of Rs 421 crore with an Ebitda of Rs 123 crore, while it has clocked a net profit of Rs 85 crore in FY22 with negligible debt.