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Adani Group to acquire 29% in NDTV, to launch open offer for another 26% stake

Adani Group, on Tuesday August 23, announced that it would purchase a 29.18% stake in New Delhi Television Ltd (NDTV).

Adani Group purchase a 29.18% stake in New Delhi Television Ltd (NDTV)

AMG Media Networks Limited (AMNL), on Tuesday, August 23, announced that it would purchase a 29.18% stake in New Delhi Television Ltd (NDTV) and make an open offer to acquire another 26% of the shares in the company. 

The indirect acquisition of 29.18% stake would be made through Vishvapradhan Commercial Pvt Ltd (VCPL), a wholly owned subsidiary of AMG Media Network Ltd (AMNL), which is owned by Adani Enterprises Ltd (AEL). 

VCPL has exercised the right to acquire “99.5 percent of the equity shares of RRPR Holding Private Limited,” a promoter entity of NDTV, which holds 29.18% stake in the media group, a press release said.

“VCPL, along with AMNL and AEL, will launch an open offer to acquire up to 26 percent stake in NDTV, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011”, the release noted.

Also read: Nagpur audience relive nostalgia with timeless ghazals at Pankaj Udhas’ live in concert

AMNL CEO Sanjay Pugalia said, “This acquisition is a significant milestone in the company’s goal to pave the path of new age media across platforms.” 

He added, “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.”

Also watch: PM Modi सस्ते tyrant हैं; मैं और JNU उनके पहले victim हैं:’ Kanhaiya Kumar

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