On Tuesday, Adani Group declared that it would buy a 29.18 percent ownership in New Delhi Television Ltd. (NDTV). Apart from this they will make an open offer to purchase an additional 26 percent of the company’s stock.
The acquisition of the 29.18 percent interest would take place indirectly through Vishvapradhan Commercial Pvt Ltd (VCPL), a fully owned subsidiary of Adani Enterprises Ltd.’s (AEL) AMG Media Network Ltd (AMNL).
A promoter from said, “VCPL has exercised the right to acquire 99.5 percent of the equity shares of RRPR Holding Private”. As a result, an open offer to buy up to a 26 percent share in NDTV will be made in accordance with SEBI’s takeover procedures.
Sanjay Pugalia, CEO AMNL , stated that “acquisition is a significant” in their goal to “pave path of new age media across platforms”. 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”.
The three national news stations NDTV 24×7, NDTV India, and NDTV Profit are all operated by NDTV. Further NDTV has also a significant web presence. In the fiscal year 2022, the company reported sales of Rs 421 crore, EBITDA of Rs 123 crore, and a net profit of Rs 85 crore.
The price of NDTV’s shares at BSE’s closing bell was Rs 374.70, up 4.99 percent from the previous day’s close. The shares increased 3.09 percent to settle at Rs 369.75 on the NSE.
There were rumors that the Adani Group would acquire NDTV in September of last year. This raised the company’s stock to a 52-week high that time. The company then clarified that its promoters were not talking with any organization about changing their ownership.
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