Vishvapradhan Commercial Private Limited (VCPL) along with AMG Media Networks Limited (AMNL) and
are making an open offer at a price of Rs 294 per share to acquire up to 26% stake in NDTV. The open offer, which was scheduled earlier to run from October 17-November 1 will now run from Nov 22-Dec 5.
In an intimation to the broadcaster through
, which is managing the offer, Adani Group said there has been no competing offer to the open offer and the last date for making such competing offer has expired.
“Acquirer and PACs (persons acting in concert) do not require any statutory approvals, including from the Ministry of Information and Broadcasting and Competition Commission of India for consummation of the Underlying Transaction (as defined below) and the Open Offer,” it said.
The acquisition bid was triggered after Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMNL, exercised the rights to acquire 99.5% of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV, earlier in August.
NDTV’s latest shareholding pattern at the end of September quarter shows that promoters Prannoy Roy and Radhika Roy own 15.94% and 16.32% stake in the company. RRPR owns 29.18% stake in
.
“The decision to acquire NDTV was arrived at in furtherance of the Adani Group’s objective to set up a credible next generation media platform with emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision,” Adani Group’s flagship firm Adani Enterprises had said last month.
In a separate filing last night, NDTV said it is putting on hold the proposed sale of their stake constituting 20% of the total share capital of Astro Awani Network Sdn Bhd, a media company in Malaysia.
It said the stake sale would require approval of RBI and other authorities but the CBI has withheld for now its approval of the transaction. “The Company is currently examining the legal options available to it and will take the necessary action(s) accordingly,” it said.
Shares of NDTV, which ended 4% lower yesterday, have rallied over 200% so far in the calendar year 2022.
