Adani group to acquire 29.18 per cent stake in NDTV, launches open offer

Gautam Adani. File Pic

Adani Enterprises said on Tuesday its media unit will indirectly buy a 29.18 percent stake in New Delhi Television Ltd (NDTV) and launch an open offer for another 26% stake in the media house.

"We hereby inform you that AMNL, a wholly owned subsidiary of the Company, has acquired 100% equity stake in VCPL, in accordance with the terms contemplated under the purchase agreement dated 23rd August, 2022 executed between AMNL, Nextwave Televentures Private Limited ("NTPL"), Eminent Networks Private Limited ("ENPL", collectively with NTPL as "Sellers") and VCPL," Adani Enterprises said in a statement to NSE.

Three firms, Vishvapradhan Commercial Pvt Ltd along with AMG Media Networks and Adani Enterprises Ltd, have offered a price of Rs 294 for the acquisition of up to 1,67,62,530 fully paid-up equity shares of NDTV having a face value of Rs 4 from the public shareholders, reported PTI.

"The Offer Price is higher than the price determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations," the offer said.

On Tuesday, shares of NDTV settled at Rs 366.20 on BSE, up 2.61 per cent from the previous close. Its revenue for the financial year ended March 31, 2022 was Rs 230.91 crore.

(With inputs from PTI)