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Adani Enterprises said on Tuesday its media unit will indirectly buy a 29.18 percent stake in New Delhi Television Ltd and launch an open offer for another 26 percent stake in the media house.
In a statement to NSE, Adani Enterprises said: “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.”
In a statement to BSE Limited on August 22, NDTV clarified, stating “in the best interests of our shareholders – that we have clarified to the journalist in writing that this is a baseless rumour, and that Radhika and Prannoy Roy are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV. They individually and through their company, RRPR Holding Private Limited, continue to hold 61.45 percent of the total paid-up share capital of NDTV.
NDTV’s letter to BSE came following a request “by a journalist at a business newspaper to comment on whether the founderpromoters of New Delhi Television Limited (NDTV) are selling their stake in NDTV held through RRPR Holding Private Limited.”
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.
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.
(With additional inputs from PTI)
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