New Delhi: Adani Enterprises will acquire 29.18% stake in news channel NDTV through a subsidiary company, the conglomerate said in a regulatory filing on Tuesday evening. The Gautam Adani-led group of companies will launch an open offer for another 26% stake in the media house.
An entity acquiring more than 25% stake in a company gets the right to announce an open offer, according to rules of the Securities and Exchanges Board of India. An open offer is made by the acquirer company to the shareholders of the target company inviting them to tender their shares at a particular price.
Vishvapradhan Commercial Private Limited, a subsidiary of the AMG Media Networks Limited, company owned by Adani Enterprises has acquired all of the equity shares held by NDTV co-founders Prannoy Roy and Radhika Roy through promoter company RRPR Holding Private Limited.
The Adani Group has made an open offer of Rs 493 crore for the further 26% stake in NDTV at Rs 294 per share, according to Mint. Scroll. In
