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.
The group also issued a press release on the acquisition, calling it a “significant milestone” in the journey to “pave the path of new media across platforms”.
Adani Group to purchase 29.18% stake in media group NDTV. pic.twitter.com/XMUUc4gUzK
— ANI (@ANI) August 23, 2022
AMG Media Networks Ltd, a wholly owned subsidiary of Adani Enterprises, acquired “100% equity stake” in Vishvapradhan Commercial Private Ltd. According to the press release, Vishvapradhan “exercised its rights” to acquire 99.5 percent equity shares of NDTV’s holding company.
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 changes its full form to Narendra Damodardas TeleVision. https://t.co/ONHxtghkRb
— Anurag Minus Verma (@confusedvichar) August 23, 2022
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.”
