Gautam Adani bets big: Adani group to acquire NDTV
Indian billionaire Gautam Adani‘s conglomerate on Tuesday (August 23) said it wants to control a majority stake in NDTV, a move the TV news group said was executed without his consent. AMG Media Networks, a unit of Adani Group, will indirectly buy a 29.18% stake in NDTVand launch an open offer to buy another 26% stake, the Indian conglomerate said. The open offer price is expected to be $61.77 million.
Adani Enterprises said its media unit will indirectly buy a 29.18% stake in NDTV and launch an open offer for another 26% stake in the media house.#AdaniGroup #NDTV #AdaniEnterpriseshttps://t.co/EVygr7EkQS
— Business Standard (@bsindia) August 23, 2022
NDTV
Media company
- Founders: Prannoy Roy, Radhika Roy
- Founded: 1988
- Headquarters: New Delhi
- Number of employees: 464 (2021)
- Key people: Prannoy Roy (Co-chairperson), Radhika Roy (Co-chairperson), Suparna Singh (President), Ravish Kumar (Editor-in-chief)
The acquisition of 29.18 percent stake will be indirect and will be done through Vishwapradhan Commercial Private Limited (VCPL), a wholly-owned subsidiary of AMG Media Network Ltd (AMNL), owned by Adani Enterprises Ltd (AEL), said a news release by the Adani Group.
VCPL has exercised warrant to acquire 99.5 percent stake in RRPR (promoter group of NDTV). As a result of such acquisition, VCPL will acquire control of RRPR, the release said. RRPR, which is the promoter group company of NDTV, holds 29.18 percent stake in the media company.
VCPL, along with AMNL and AEL, will initiate an open offer to acquire up to 26 percent stake in NDTV, in terms of SEBI’s takeover rules. Hours after the announcement, NDTV issued a statement saying that the move by the Adani Group was “executed without any input, negotiation or consent from the founders of NDTV.”
NDTV was founded in 1988 by one of India’s most famous TV news personalities, Prannoy Roy, and his wife. Recently, NDTV said in a stock exchange disclosure that Prannoy Roy and Radhika were not in discussions with any entity for a change in ownership or divestment of their stake in NDTV. They personally and through his company hold 61.45% of NDTV, the statement said.
Three national news channels are run by NDTV: NDTV 24×7, NDTV India, and NDTV Profit. With more than 3.5 crore followers across various platforms, it continues to be one of the most followed news accounts on social media and has a significant online presence.
The company has generated revenue of INR 421 crore with an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of INR 123 crore while making a net profit of INR 85 crore in FY22 with negligible debt.
Must Read:-
- Top 10 shoe brands in India for men & women 2021
- Top 10 Schools in Delhi 2021, list of best schools for your child
- Top 10 richest actors in the world 2021
- Business vs Job: Which is Better
- Top 10 series on Netflix 2021, don’t miss these must-watch series
- Upcoming List of Top Indian Web Series of 2021
- Top 10 richest player of the world 2021
- Top 10 highest paid CEO in the World
- Top 10 richest person of India
- Top 10 Highest Paid CEOs of India
- The Success Story of Steve Jobs
- Top 10 Business Magazine In India
- Top 10 Business Newspaper In India
- Top 10 richest billionaires in the world 2021
