New Delhi: The Adani Group on Friday mentioned it had acquired 27.26 per cent fairness stake in NDTV from the promoters — Prannoy Roy and Radhika Roy — indicating that the group had acquired the bulk stake within the media agency.
In an announcement on Friday, the Adani Group mentioned, “RRPR, an oblique subsidiary of Adani Enterprises and member of the promoter/promoter group of NDTV, has acquired 27.26 per cent fairness stake in NDTV from Mr. Prannoy Roy and Mrs. Radhika Roy (“Sellers”) by the use of inter-se switch beneath Securities and Trade Board of India (Substantial Acquisition of Shares and Takeovers) Rules, 2011.” In line with the assertion shared with the inventory exchanges, consequent to the current acquisition, RRPR will now maintain 56.45 per cent fairness stake in NDTV.
The Adani Group additionally mentioned Vishvapradhan Industrial Personal Restricted (an oblique subsidiary of the Adani group) holds 8.27 per cent fairness stake in NDTV and RRPR (prior to the current acquisition) held 29.18 per cent fairness stake in NDTV.
AMG Media Networks, a wholly-owned subsidiary of Adani Enterprises Restricted, had introduced on August 23 that it had acquired 100 per cent fairness stake in Vishvapradhan Industrial Personal Ltd (VCPL).
On December 23, Prannoy Roy and Radhika Roy mentioned in an announcement that discussions with Gautam Adani had been constructive because the open supply was launched and the solutions which have been made had been accepted by Adani Group chief “positively and with openness”.
The AMG Media Community, after the latest open supply, is now the single-largest shareholder in NDTV, in accordance with the assertion. “Consequently, with mutual settlement, now we have determined to divest most of our shares in NDTV to the AMG Media Community,” it mentioned. “Because the open supply was launched, our discussions with Mr. Gautam Adani have been constructive; all of the solutions we made had been accepted by him positively and with openness,” it added.
The NDTV founders had proposed to switch 27.26 per cent of their shares within the media firm to Adani Group.
Radhika and Prannoy Roy had proposed to promote 13.44 per cent and 13.82 per cent stake, respectively, in NDTV to RRPR Holding, NDTV mentioned in a inventory change submitting earlier.
On December 23, the Adani Group held 37 per cent stake in NDTV after an open supply and an earlier acquisition.