Adani Group Subsidiary AMG Media To Acquire 29.18% Stake In NDTV
According to an Adani group statement, Adani group subsidiary AMG Media Networks Limited (AMNL) will indirectly acquire 29.18% of NDTV and launch an Open Offer.
"AMNL's wholly owned subsidiary VCPL holds RRPR Holding Private Limited [RRPR] warrants that entitle it to convert them into a 99.99% stake in RRPR." VCPL exercised warrants to acquire 99.5% of RRPR. According to the company's statement, "such acquisition will result in VCPL acquiring control of RRPR."
"RRPR is a promoter group company of NDTV [NDTV, BSE: 532529] that owns 29.18% of the company." "VCPL, in collaboration with AMNL and AEL [persons acting in concert], will launch an open offer to acquire up to a 26% stake in NDTV, in accordance with the requirements of the SEBI's [Substantial Acquisition of Shares and Takeovers] Regulations, 2011," according to the statement.
Sanjay Pugalia, CEO of AMNL, stated that this "acquisition is a significant milestone" in the company's goal to "pave the path of new age media across platforms."
"AMNL aims to provide information and knowledge to Indian citizens, consumers, and those with an interest in India." NDTV is the most suitable broadcast and digital platform to deliver on our vision, with its leading position in news and strong and diverse reach across genres and geographies. "We are excited to build on NDTV's leadership in news delivery," Pugalia added.
NDTV has a strong online presence and operates three national news channels: NDTV 24x7, NDTV India, and NDTV Profit. In fiscal year 2022, the company earned Rs 421 crore in revenue, with an EBITDA of Rs 123 crore and a net profit of Rs 85 crore.