Adani Group subsidiary, AMG Media Networks Limited (AMNL), on Tuesday announced that it will indirectly acquire a 29.18% stake in media and news broadcaster New Delhi Television (NDTV) and launch an open offer to acquire another 26%. AMG Media Networks Limited (AMNL), a subsidiary of the Adani Group, revealed on Tuesday that it would launch an open bid to acquire an additional 26% of New Delhi Television (NDTV), a media and news broadcaster, in addition to indirectly acquiring a 29.18% share in that company.
AMNL’s wholly-owned subsidiary Vishvapradhan Commercial Private Limited (VCPL) has exercised the rights to acquire 99.5% of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV, according to a media statement by Adani Group. Such acquisition will result in VCPL acquiring control of RRPR. The acquisition of 29.18% stake is likely to cost about ₹495 crore, said an Adani Group official aware of the development.
RRPR is a promoter group company of NDTV and holds 29.18% stake in NDTV. VCPL, along with AMNL and Adani Enterprises (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, the statement said.
According to the statement, NDTV is a top media organisation that has led the way in delivering trustworthy news for more than three decades. The corporation runs NDTV 24×7, NDTV India, and NDTV Profit, three national news networks. 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 March of this year, Adani Group acquired a small share in the local digital business news site Quintillion.
“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms” said Sanjay Pugalia, CEO, AMG Media Networks Limited in a statement.
“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.”