AMG Media Networks Limited, a subsidiary of the Gautam Adani group, will indirectly acquire a 29.18 per cent stake in New Delhi Television Ltd (NDTV) and launch an open offer for another 26 per cent stake in the media house, the Adani Group said in a statement on Tuesday.
Adani Group entities have made a Rs 493 crore open offer for a 26 per cent stake at Rs 294 per share in the news channel, founded and controlled by Radhika and Prannoy Roy. An open offer is essentially an offer made by the acquirer to the shareholders of the target company.
The acquisition of 29.18 per cent stake will be indirect as the process would be undertaken by Vishvapradhan Commercial Pvt Ltd (VCPL), a wholly owned subsidiary of AMG Media Network Ltd (AMNL), which in turn is owned by Adani Enterprises Ltd (AEL).
“We hereby inform you that AMNL, a wholly owned subsidiary of the Company, has acquired 100 percent equity stake in VCPL, in accordance with the terms contemplated under the purchase agreement dated 23rd August, 2022 executed between AMNL, Nextwave Televentures Private Limited (“NTPL”), Eminent Networks Private Limited (“ENPL”, collectively with NTPL as “Sellers”) and VCPL.”
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