AMG Media Networks Limited (AMNL), the media arm of the Adani Group, will indirectly acquire 29.18 percent stake in media giant NDTV.
The acquisition will be made through Vishvapradhan Commercial Private Limited (VCPL), wholly owned subsidiary of AMG Media Networks Limited (AMNL), which is owned by Adani Enterprises Ltd (AEL).
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 release said.
This will trigger an open offer to acquire up to 26 percent stake in NDTV in terms of SEBI’s Takeover Regulations, the company said. VCPL, along with AMNL and Adani Enterprises Ltd, “will launch an open offer to acquire up to 26 percent stake in NDTV, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011”, the release noted.