Adani to buy 29% stake in NDTV, launch open offer

Tribune News Service

New Delhi, August 23

Adani Group’s media arm has announced its intention to acquire 29.18 per cent stake in NDTV and subsequently launch an open offer to acquire another 26 per cent of the shares in the media group.

No intention to sell our stake: NDTV

• Developments unexpected… Radhika and Prannoy have no intention of selling their stake (32%), an NDTV official said
• As per firm, VCPL has acquired RRPR without their consent or notice
• Evaluating next steps, both regulatory and legal, the official said

Vishvapradhan Commercial Pvt Ltd, a wholly-owned subsidiary of AMG Media Networks Ltd, which is a 100 per cent subsidiary of Adani Enterprises, has exercised its right to acquire 99.5 per cent of the equity shares of RRPR Holding Pvt Ltd. RRPR is a promoter group company of NDTV and holds 29.18 per cent stake in the media firm. This will follow an open offer to acquire up to 26 per cent stake in NDTV in terms of SEBI’s takeover rules.

The warrant exercise has been hand delivered to the RRPR team and acknowledgement obtained, and the warrant exercise money has been remitted to RRPR’s bank account before the press release was sent to the stock exchanges, stated an Adani Group release.

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