Adani Group's media arm on August 23 announced that it would purchase a 29.18 percent stake in New Delhi Television Ltd NDTV, and make an open offer to acquire another 26 percent of the shares in the media giant.
The acquisition of 29.18 percent stake will be indirect, as it will be made through Vishvapradhan Commercial Pvt Ltd (VCPL), a wholly owned subsidiary of AMG Media Network Ltd (AMNL), which is owned by Adani Enterprises Ltd (AEL). VCPL has exercised the right to acquire "99.5 percent of the equity shares of RRPR Holding Private Limited", a promoter entity 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 AEL, 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.