Adani group firms make an open offer to acquire additional 26% stake in NDTV

Mangalore Today News Network

New Delhi, Aug 23, 2022: Adani Group firms on Tuesday, August 23, made an offer to acquire a 26 per cent stake in New Delhi Television Ltd (NDTV) following an indirect acquisition of 29.18 per cent shareholding in the media and news broadcaster.

 

Three firms, Vishvapradhan Commercial Pvt Ltd along with AMG Media Networks and Adani Enterprises Ltd, have offered a price of Rs 294 for the acquisition of up to 1,67,62,530 fully paid-up equity shares of NDTV having a face value of Rs 4 from the public shareholders.

"This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms” Sanjay Pugalia said. "We look forward to strengthening NDTV’s leadership in news delivery. AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge.”

AMNL houses the media business of the Adani Group. A public announcement has been made by JM Financial Ltd, which is managing the offer on behalf of the acquirers.

"The offer price is higher than the price determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations," the offer said.

On Tuesday, shares of NDTV settled at Rs 366.20 on BSE, up 2.61 per cent from the previous close.

Its revenue for the financial year ended March 31, 2022, was Rs 230.91 crore.