Flight Path
Flight Path

Adani buys 29% in NDTV, to make open of fer for 26%

By Madamji Date- 24 Aug, 2022

Govt Jobs Point Image- Times of India

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Flight Path

NDTV's promoters expressed displeasure when Adani's media arm announced it would acquire a 29% stake in the company.

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Flight Path

Through an investor in the channel, Vishvapradhan Commercial, AMG Media Networks (AMN) will acquire 29% of NDTV.

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Flight Path

On Tuesday, Nextwave Televentures and Eminent Networks purchased the investor for Rs 114 crore.

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Flight Path

A cost of around Rs 483 crore is involved in acquiring 26% of NDTV from public shareholders at Rs 294 each.

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Flight Path

AMN's statement, NDTV, in a filing to the stock exchanges, said the announcement came without any intimation to the company and its founders. 

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Flight Path

According to NDTV, VCPL notified them that it had exercised its right to acquire 99.5% control of RRPR.

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Flight Path

Prannoy Roy and Radhika Roy's investment company, RRPR Holding, holds warrants over 29% of NDTV, which VCPL owns through warrants.

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Flight Path

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. 

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Flight Path

According to NDTV, its founders' shareholdings have not changed or their stakes have not been divested as of Monday.

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Flight Path

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.

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Flight Path

To acquire 26% of NDTV, VCPL must make an open offer.

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Flight Path

On the BSE, NDTV closed at Rs 366 on Tuesday, a discount to the open offer price.

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Flight Path

VCPL will own 55% of NDTV if it receives the entire 26%.