- Vishvapradhan Commercial Private Limited (VCPL), wholly-owned subsidiary of AMG Media Networks Limited (AMNL), has exercised the rights to acquire 99.5% of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.
- It will trigger an open offer to acquire up to 26% stake in NDTV in terms of SEBI’s Takeover Regulations.
- NDTV has three leading national channels and strong digital platform.
- AMNL is 100% subsidiary of Adani Enterprises Limited (AEL)
NE BUSINESS BUREAU
AHMEDABAD, AUG 23
AMG Media Networks Limited, a subsidiary of the Adani group, will indirectly acquire a 29.18% stake in New Delhi Television Ltd (NDTV) and launch an open offer for another 26% stake in the media house, the Adani Group said in a statement. Adani entities made Rs 493-crore open offer for 26% stake in NDTV at Rs 294 per share.
AMG Media Networks Limited’s (AMNL), 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. Such acquisition will result in VCPL acquiring control of RRPR.
RRPR is a promoter group company of NDTV and holds 29.18% stake in NDTV. VCPL, along with AMNL & AEL (persons acting in concert), will launch an open offer to acquire up to 26% stake in NDTV at Rs 294 per share, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
NDTV is a leading media house which has pioneered the delivery of credible news for over three decades. The company operates three national news channels – NDTV 24×7, NDTV India and NDTV Profit. It also has strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms.
NDTV recorded a revenue of Rs 421 cr with an EBITDA of Rs 123 cr and net profit of Rs 85 cr in FY22 with negligible debt.
“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,” Sanjay Pugalia added.
