By Madamji Date- 24 Aug, 2022
Govt Jobs Point Image- Times of India
NDTV's promoters expressed displeasure when Adani's media arm announced it would acquire a 29% stake in the company.
Through an investor in the channel, Vishvapradhan Commercial, AMG Media Networks (AMN) will acquire 29% of NDTV.
On Tuesday, Nextwave Televentures and Eminent Networks purchased the investor for Rs 114 crore.
A cost of around Rs 483 crore is involved in acquiring 26% of NDTV from public shareholders at Rs 294 each.
AMN's statement, NDTV, in a filing to the stock exchanges, said the announcement came without any intimation to the company and its founders.
According to NDTV, VCPL notified them that it had exercised its right to acquire 99.5% control of RRPR.
Prannoy Roy and Radhika Roy's investment company, RRPR Holding, holds warrants over 29% of NDTV, which VCPL owns through warrants.
AMN said VCPL has almost fully acquired RRPR by exercising its right to convert the warrants into a 99.50% stake in the investment company.
According to NDTV, its founders' shareholdings have not changed or their stakes have not been divested as of Monday.
AMN said RRPR would receive over 25% in NDTV upon allotment of shares following the conversion of warrants, triggering a VPCL open offer under takeover norms.
To acquire 26% of NDTV, VCPL must make an open offer.
On the BSE, NDTV closed at Rs 366 on Tuesday, a discount to the open offer price.
VCPL will own 55% of NDTV if it receives the entire 26%.