Adani firms make open offer for acquiring 26% stake in NDTV for Rs 493 cr
By MYBRANDBOOK
Indian billionaire Gautam Adani is seeking to control a majority stake in the popular New Delhi Television (NDTV). A unit of the Adani Group said it had used financial rights to purchase a 29.18% stake in NDTV, laying out plans for a subsequent open offer for a stake of another 26% in line with Indian regulations.
After the announcement, NDTV issued a statement saying the move by the Adani Group “was executed without any input from, conversation with, or consent of the NDTV founders.” The media channel often takes a critical view of the ruling administration’s policies.
The open offer would be worth Rs 493 crore. NDTV operates three national news channels - English news channel NDTV 24x7, Hindi news channel NDTV India and business news channel NDTV Profit. It also has a strong online presence with more than 35 million followers across various platforms.
In the past, an Adani Group firm first acquired a company that was linked to billionaire Mukesh Ambani. The particular company had loaned Rs 250 crore to NDTV in 2008-09 and the Adani group firm now exercised the option to convert that debt into a 29.18 percent stake in the news channel company. NDTV said the debt was converted into equity without any input from the founders or the company.
Last year, Adani Media Ventures Ltd (AMVL), the media arm under the group’s flagship Adani Enterprises Ltd (AEL), had acquired the digital business news platform Quintillion Business Media Pvt Ltd (QBM).
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