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EconomyBusinessAdani buying NDTV? Here's what is confirmed so far

Adani buying NDTV? Here’s what is confirmed so far

While several mainstream media houses have tweeted from the official handles that a subsidiary of the Adani group has bought , what is confirmed so far is that Adani Enterprises, along with two other entities, has made an open offer to buy a 26% stake in for Rs 294 per share. Vishvapradhan Commercial Private Limited, along with AMG Media Networks Ltd and Adani Enterprises Ltd, collectively referred to as "PACs" in their capacity as the persons acting in tandem with the acquirer, have announced an open offer for the acquisition of up to 1,67,62,530 fully paid-up equity shares of the face value of Rs 4 each from the public shareholders of the target company," JM Financial said.

JM Financial is managing the open offer.

A BSE filing said 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.

“AMNL’s wholly owned subsidiary VCPL holds warrants of RRPR Holding Private Limited (RRPR) entitling it to convert them into 99.99% stake in RRPR. VCPL has exercised warrants to acquire (a) 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR. RRPR is a promoter group company of and holds (a) 29.18% stake in ," the statement said.

The Adani group entities will launch an open offer to acquire up to 26% stake in NDTV, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Ironically, early this morning, Profit had published a negative report about the Adani group, which said that the companies of are "overleveraged". Most of the Adani group stocks ended lower today, following the report that the conglomerate predominantly uses to invest aggressively across existing as well as new businesses.

Shares of Adani Power fell 4.99%, Adani Wilmar went lower by 4.73% and Adani Green Energy declined 4.15% on the BSE while Adani Power and Adani Wilmar hit their lower circuit limits during the day.

But yesterday, shares of Adani Power had extended their winning streak for the eighth session and hit a fresh all-time high. The company's shares had risen nearly 50% over the past month.

Since the start of 2022, the shares' value rose by a whopping 324%. Further, last year, it had gained over 480%.

Adani Power stock was last up at Rs 432.50 per share yesterday, up nearly 5%, after hitting a record high of Rs 432.80, on the BSE.

Meanwhile, 's shares closed 5% higher today at Rs 376.55 apiece.

recorded a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and net profit of Rs 85 crore in FY22.

“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms," said Sanjay Pugalia, CEO, AMG Media Networks Limited.

“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, is the most suitable broadcast and digital platform."

AMNL or AMG Media Networks Limited is a wholly owned subsidiary of Adani Enterprises Limited and houses the media business of the Adani Group. VCPL, which was recently acquired by AMNL, is its wholly owned subsidiary.

Adani Enterprises Limited is the flagship company of Adani Group, one of India’s largest business organisations.

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