India
Adani Media Networks to acquire 29.18% stake in NDTV, company announces
New Delhi: Vishvapradhan Commercial Pvt Ltd (VCPL), a wholly owned subsidiary of AMG Media Networks Ltd (AMNL), has exercised the rights to acquire 99.5% of the equity shares of RRPR Holding Pvt Ltd, a promoter group company of NDTV, AMG said in a statement.
The former will trigger an open offer to acquire up to 26% stake in NDTV in terms of SEBI’s Takeover Regulations.
AMNL is a 100% subsidiary of Adani Enterprises Ltd (AEL), a multinational conglomerate founded by Gautam Adani. NDTV has three television news channels and a digital platform.
RRPR holds 29.18% stake in NDTV. VCPL, along with AMNL and AEL, will launch an open offer to acquire up to 26% stake in NDTV, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms,” Sanjay Pugalia, chief executive officer, AMG Media Networks Ltd said in a statement.
“AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge. With its leading position in news and its strong and diverse reach across genres and geographies, NDTV is the most suitable broadcast and digital platform to deliver on our vision. We look forward to strengthening NDTV’s leadership in news delivery,” he added.
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