AMG Media Networks Limited, the media arm of the Adani Group, on Tuesday announced to acquire 29.18 per cent stake indirectly in New Delhi Television Network (NDTV).
In a statement, the Adani Group said that AMG Media Networksโ wholly owned subsidiary Vishvapradhan Commercial Private Limited (VCPL) will acquire a 99.99 per cent stake in RRPR Holding Private Limited (RRPR), which is a promoter of the NDTV group.
RRPR holds a 28.19 per cent stake in NDTV, which runs three television channels โ NDTV 24ร7, NDTV India and NDTV Profit.
โAMNUs wholly owned subsidiary VCPL holds warrants of RRPR Holding Private Limited (RRPR) entitling it to convert them into 99.99% stake in RRPR. VCPL has exercised warrants to acquire 99.5% stake in RRPR,โ as per the statement.
Such acquisition will result in VCPL acquiring control of RRPR.
โVCPL along with AMNL and Adani Enterprises Ltd (AEL) (persons acting in concert), will launch an open offer to acquire up to 26 per cent stake in NDTV, in compliance with the requirements of the SEBIโs (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,โ the Adani Group said.
The statement called NDTV, helmed by veteran journalist Pronoy Roy, as a โpioneerโ in the โdelivery of credible news for over three decadesโ.
NDTV recorded revenue of โน421 crore with an EBITDA (earnings before interest, taxes, depreciation and amortization) of โน123 crore and net profit of โน85 crore in Financial Year 2012-22 with negligible debt.
โThis acquisition is a significant milestone in the journey of AMNLโs goal to pave the path of new age media across platforms,โ said AMNL chief executive officer Sanjay Pugalia.
โAMNL 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,โ he added.
