Vishvapradhan Commercial Private Limited, a wholly owned subsidiary of the Adani group, is set to to acquire a 29.18 per cent stake in NDTV.
"VCPL holds warrants of RRPR Holding Private Limited (RRPR), NDTV's promoter company, entitling it to convert them into 99.99% stake in RRPR. VCPL has exercised warrants to acquire 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR," an Adani group press release said.
The Adani group has also made a Rs 493-crore open offer for a 26% stake in NDTV at Rs 294 per share.
Radhika Roy and Prannoy Roy are the directors of RRPR.
NDTV recorded a revenue of INR 421 crores with an EBITDA of INR 123 Crores and a net profit of INR 85 Crores in FY22 with negligible debt.
“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms” stated Mr. Sanjay Pugalia, CEO, AMG Media Networks Limited.
“AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge. With its leading position in news and its strong and diverse reach across genres and geographies, NDTV is the most suitable broadcast and digital platform to deliver on our vision. We look forward to strengthening NDTV’s leadership in news delivery.”
NDTV has been a leading media house for over three decades now. The company operates three national news channels – NDTV 24x7, NDTV India and NDTV Profit.