Connect with us

Hi, what are you looking for?

National News

Adani Group Takes Over 29% of NDTV Stakes Indirectly: Twitter Reacts as open Offer is Launched

Since Independence

 

Adani Group’s media arm- AMG Media Networks Limited (AMNL) is set to indirectly acquire 29.18% of New Delhi Television (NDTV). The acquisition will be made through Vishvapradhan Commercial Private Limited (VPCL), a wholly owned subsidiary of AMG Media Networks Limited, owned by Adani Enterprises Ltd.

“VCPL has exercised the rights to acquire 99.5 percent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV which holds 29.18 percent stake in the media group,” a press statement from the business entity read.

In terms of SEBI’s takeover regulations, this would trigger an open offer to acquire up to 26 percent stake in NDTV. A Bombay Stock Exchange filing said that the open offer is at Rs 294 per equity share aggregating to a total consideration of up to Rs 492.8 crore payable in cash.

Investment banking firm JM Financial said that the offer price is higher than the price determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations.

However, the Adani Group is happy with the take-over, which it sees as a “significant milestone” in the company’s goal to “pave the path of new age media across platforms.”

“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 … We look forward to strengthening NDTV’s leadership in news delivery,” Pugalia added. 

https://twitter.com/kadak_chai_/status/1562073719912427520?s=20&t=lV7M7_Es19ugrC_avTwOAA

Meanwhile, Twitteratis reacted to the development. While some made fun of Ravish Kumar and Gautam Adani, others commented what the development would mean in terms of nexus between the government and Adani Group.

https://twitter.com/UtkarshHuMein/status/1562068411462479872?s=20&t=lV7M7_Es19ugrC_avTwOAA

Following the development, the shares of NDTV closed at Rs 374.70 apiece at the Bombay Stock Exchange, which was about 5% higher as compared to the previous day’s close. At the NSE, the shares surged by 3.09 percent to close at Rs 369.75 apiece.

Reference: Business World, Twitter

Featured Image Source: Since Independence

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Explainer

A video showing a baby with redness and cracks has gone viral, naming it ‘alien baby’ and ‘demon child’. The video claims that the...

National News

The CBI conducted investigations at 77 locations spanning 14 states, detaining ten suspects as part of a massive crackdown on online child sex abuse....

Entertainment

The much-awaited Khakee: The Bihar Chapter was released on Netflix on November 25 and since then Chandan Mahto, who is the main antagonist in...

Explainer

Twenty days after its release, Rishabh Shetty’s ‘Kanatara’ continues to be the first choice for moviegoers. After a thundering response to the Kannada version,...