Adani Group’s media unit, AMG Media Networks will indirectly buy a 29.18% stake in New Delhi Television Ltd (NDTV), according to Reuters report. Reportedly, the media unit will launch an open offer for another 26% stake in the media house.
According to media reports, Adani entities made Rs 493-crore open offer for 26% stake in NDTV at Rs 294 per share.
In FY 22, NDTV recorded a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and net profit of Rs 85 crore.
NDTV was founded in 1984, by economist Prannoy Roy and journalist Radhika Roy. The company launched the first 24×7 news channel in partnership with Star India in 1998. In 2003, it became an independent broadcasting network with the simultaneous launch of the Hindi and English language news channels known as NDTV India and NDTV 24×7.
At the same time, NDTV in a report published on their website said that the acquisition was done without discussing with the founders & promoters, Prannoy Roy & Radhika Roy. The report further states that a notice was served upon them by Vishvapradhan Commercial Private Limited (VCPL) stating that it (VCPL) has acquired control of RRPR Holding Private Limited (RRPRH). This entity owns 29.18% of NDTV. It has been given two days to transfer all its equity shares to VCPL.
Reportedly, VCPL has exercised its rights based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10.
“The NDTV founders and the Company would like to make it clear that this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today. As recently as yesterday, NDTV had informed the stock exchanges that there was no change in the shareholding of its founders,” the statement said.
