Adani Will Pay More For NDTV Shares, Rs 294 In Open Offer

Adani Group has decided to pay an additional price of Rs 48.65 per share for the shares of New Delhi Television Limited (NDTV) bought under the open offer. In fact, on December 30, Adani Group had bought 27.26% stake in the media firm from NDTV founders and promoters Prannoy Roy and Radhika Roy at Rs 342.65 per share, while the share bought in the open offer was Rs 294 per share.

The open offer took the stake to 37.5%

Adani Group's open offer to buy 26% stake (1.67 crore shares) in NDTV was open for subscription from 22 November and closed on 5 December. In this open offer, 8.32% i.e. total 5.33 million (53.3 lakh) equity shares were tendered at Rs.294 each. After this, Adani Group's stake in the media firm increased to 37.5%.

64.71% stake by buying promoter shares

Subsequently, AMG Media Networks Limited (AMNL), through its indirect subsidiary RRPR, acquired 27.26% stake in NDTV from Radhika Roy and Prannoy Roy. This increased Adani Group's stake in NDTV to 64.71%. Radhika Roy and Prannoy Roy now hold only 5% stake in the media firm.

What did Radhika and Prannoy Roy say?

Announcing the sale of their stake, Radhika-Pranay had said that they started NDTV in 1988 with the belief that journalism in India was world-class, but needed a strong and effective broadcast platform to grow it. And let it shine He said that after 34 years, he believes that NDTV is an institution that has fulfilled a lot of his hopes and ideals.

Radhika-Pranay had informed that AMG Media Network is now the largest shareholder in NDTV after the recent open offer. Consequently, by mutual agreement, we have decided to sell majority of our shares in NDTV to AMG Media Network. He had said that his discussions with Gautam Adani have been positive since the launch of the open offer.

Adani is expected to maintain the values of the brand

Radhika-Pranay had said that Gautam Adani has accepted all their suggestions positively and with openness. Gautam Adani has invested in a brand that is synonymous with trust, reliability and independence and we hope he will uphold these values.

29.18% stake was bought in August

Adani Group had earlier bought 29.18% stake in NDTV in August 2022. Adani Group had acquired this stake indirectly. Actually, Adani Group first bought a company named VCPL. VCPL held warrants of RRPR Holding, the promoter company of NDTV. By converting these warrants into shares, Adani Group got 29.18% stake in NDTV.