Business Tycoon Mr. Gautam Adani led Adani Groups is set to acquire 28% stakes of NDTV News Media house.
On the 23rd of August, the media arm of the Adani Group said it had exercised rights to acquire an indirect stake of 29.18% in New Delhi Television (NDTV) through the conversion of loans into an equity stake. Furthermore with this acquisition, an open offer for acquiring a 26% stake in NDTV from its shareholders.
The promoter entity RRPR Holding, at the centre of the acquisition, has been asked to transfer its shares to the acquirer Vishvapradhan Commercial (VCPL) in two days. The AMG Media, a subsidy of the Adani Group released an official statement regarding the same.
Mr. Sanjay Pugalia, the AMG Media Networks Limited Chief Executive Officer (CEO,) said, “This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms.”
Moreover, the open offer for 26% in NDTV, according to the document released to the stock exchanges has been valued at Rs. 493 crore. The open offer price has been pegged at Rs 294 per share, a discount of 19.7%.
Meanwhile, with this stake acquisition, the Adani Groups would also enter into the digital media and news industry in India.
Stay tuned for further updates.
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