Adani Enterprises Ltd has intimated the stock exchanges on the exercise by VCPL, its wholly-owned subsidiary, of warrants of RRPR to acquire 99.5 per cent of RRPR and consequent indirect acquisition of 29.18 per cent NDTV shares held by RRPR.
It has also announced an open offer for up to 26 per cent stake in NDTV at a price of Rs 294 per share. The share price of NDTV closed at Rs 366.20 on BSE on Tuesday.
"This acquisition is a significant milestone in the journey of AMNL'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 and digital platform to deliver on our vision. We look forward to strengthening NDTV's leadership in news delivery," stated Mr. Sanjay Pugalia, CEO, AMG Media Networks Limited.
NDTV recorded a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and a net profit of Rs 85 crore in FY22 with negligible debt.
The warrant exercise has been hand-delivered to the RRPR team and acknowledgement was obtained on the original and the warrant exercise money has been remitted to RRPR's bank account before the press release was sent to the stock exchanges.
The statutory announcement for open offer for acquiring 26 per cent of NDTV shares has also been filed with the stock exchanges. VCPL, along with AMNL & AEL (persons acting in concert), will launch an open offer to acquire up to 26% stake in NDTV, in compliance with the requirements of the SEBI's Takeover Regulations.
(With agency inputs)