Billionaire businessman Gautam Adani-controlled Adani Enterprises announced on Tuesday that its media unit, AMG Media Networks Ltd (AMNL), will indirectly buy a 29.18 per cent stake in New Delhi Television Ltd (NDTV) and will also launch an open offer for another 26 per cent stake in the media house.
"Vishvapradhan Commercial Private Limited (VCPL), along with AMG Media Networks Ltd NSE -2.05 % and Adani Enterprises Ltd NSE -0.69 %, collectively referred to as "PACs" in their capacity as the persons acting in concert with the acquirer, have announced an open offer for the acquisition of up to 1,67,62,530 fully paid-up equity shares of the face value of INR 4 each from the public shareholders of the target company" JM Financial, which is managing the offer, said in a notification to the regulators.
“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms” stated 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 added.
AMNL’s wholly owned subsidiary VCPL already holds warrants of RRPR Holding Private Limited (the promoter holding company of NDTV) entitling it to convert them into 99.99 per cent stake in RRPR. VCPL exercised warrants to acquire 99.5 per cent stake in RRPR.
RRPR holds 29.18 per cent stake in NDTV.
"The open offer to acquire up to 26 per cent stake in NDTV, is in compliance with the requirements of the SEBI’s [Substantial Acquisition of Shares and Takeovers] Regulations, 2011,” the statement by Adani group said.
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