Adani firms will acquire 29.18% of NDTV and open the door to another 26% stake.
According to SEBI's Takeover Regulations, the move would trigger an open offer to acquire up to a 26% stake in NDTV.
According to AMG Media Network, which is owned by Adani Enterprises, the open offer will be aimed at acquiring another 26% stake in NDTV.
Billionaire Gautam Adani will soon control NDTV after Adani Group firms launched an open offer to buy a 26% stake in the media company for Rs 294 per share today.
Following the successful completion of the offer, Adani firm AMNL will indirectly acquire another 29.18% stake in the media company, bringing its total shareholding in NDTV NSE 3.09% to 55.18%.
The 29.18 percent stake will be acquired through Vishvapradhan Commercial Pvt Ltd (VCPL), a wholly owned subsidiary of AMNL, which is owned by Adani Enterprises Ltd. (AEL).
Sanjay Pugalia, CEO of AMNL, stated that this "acquisition is a significant milestone" in the company's goal to "pave the path of new age media across platforms."
NDTV has a strong online presence and operates three national news channels: NDTV 24x7, NDTV India, and NDTV Profit. In fiscal year 2022, the company earned Rs 421 crore in revenue, with an EBITDA of Rs 123 crore and a net profit of Rs 85 crore.
NDTV shares closed at Rs 374.70 per share on the BSE, representing a 4.99 percent increase over the previous day's close. On the NSE, the shares rose 3.09 percent to Rs 369.75 per share.
NDTV's stock reached a 52-week high in September last year, amid reports of a possible takeover by Adani Group.
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