Adani Group's AMG Media Networks Limited to indirectly acquire 29.18% stake in NDTV and launch open offer
Ahmedabad, August 23, 2022
AMG Media Networks Limited (AMNL), a wholly owned subsidiary of Adani Enterprises Limited (AEL), today said it would indirectly acquire 29.18% stake in NDTV and launch an open offer to acquire upto 26% of the news television channel.
A press release from the Adani Group said AMNL’s wholly owned subsidiary Vishvapradhan Commercial Private Limited (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, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the release said.
"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 24x7, 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," the release said.
The release noted that NDTV recorded a revenue of INR 421 crore with an EBITDA of INR 123 crore and net profit of of INR 85 crore 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.”
AMNL houses the media business of the Adani Group. The company was recently incorporated to set up a credible next generation media platform with emphasis on digital and broadcast segments, amongst others. VCPL, which was recently acquired by AMNL, is its wholly owned subsidiary.
Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India’s largest business organisations.
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