Adani Enterprises, along with two other companies, has made an open offer to buy a 26 per cent stake in NDTV for Rs 294 per share, which is aggregating to a total consideration of up to Rs 492 crore, according to a statement on Tuesday. Upon the successful completion of the open offer, Adani media unit AMG Media Networks Ltd will indirectly acquire 29.18 percent stake in New Delhi Television Ltd (NDTV).
“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 concert 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, representing 26 per cent of the voting share capital of the target company on a fully diluted basis as on the 10th working day from the closure of tendering period, at a price of Rs 294 per equity share aggregating to the total consideration of up to Rs 4,92,81,83,820 (assuming full acceptance) payable in cash,” JM Financial said on Tuesday. JM Financial is the manager to the offer.
Vishvapradhan Commercial Private Limited (VCPL) is a wholly-owned subsidiary of AMG Media Networks Limited (AMNL), which is owned by Adani Enterprises Ltd (AEL).
“Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL), exercised the rights to acquire 99.5% of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV,” AMG Media Networks said in a statement.
RRPR Holding is a promoter group company of NDTV and holds a 29.18 per cent stake in NDTV.