Adani Enterprises To Acquire NDTV, Launch Open Offer

JM Financial Limited which is managing the offer on behalf of the buyers made a public announcement in this regard.
Adani Enterprises looking to acquire NDTV
Adani Enterprises looking to acquire NDTV

Adani Enterprises announced on Tuesday that its media unit will indirectly acquire a 29.18 per cent stake in New Delhi Television Limited (NDTV) and launch an open offer for another 26 per cent stake in the media house.

In a statement to the National Stock Exchange (NSE), Adani Enterprises said, “We hereby inform you that AMNL, a wholly owned subsidiary of the Company, has acquired 100 percent 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.”

However, in its statement to the Bombay Stock Exchange (BSE) yesterday, NDTV clarified, “In the best interests of our shareholders – that we have clarified to the journalist in writing that this is a baseless rumour, and that Radhika and Prannoy Roy are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV. They individually and through their company, RRPR Holding Private Limited, continue to hold 61.45 percent of the total paid-up share capital of NDTV.”

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NDTV’s response came after a journalist’s request to comment on whether the founder-promoters of the media house are selling their stake held through RRPR Holding Private Limited.

A total of three firms - Vishvapradhan Commercial Pvt Ltd, AMG Media Networks and Adani Enterprises Ltd have offered a price of Rs 294 to acquire up to 1,67,62,530 shares of NDTV having a face value of Rs 4 from the public shareholders.

JM Financial Limited which is managing the offer on behalf of the buyers made a public announcement in this regard.

“The Offer Price is higher than the price determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations,” the statement read.

Shares of NDTV settled at Rs 366.20 on BSE, up 2.61 per cent from its previous close. Its revenue for the financial year ending March 31, 2022 was Rs 230.91 crores.

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