Ahmedabad, Aug 23 (SocialNews.XYZ) Adani media arm AMG Media Networks Ltd's (AMNL) wholly-owned subsidiary VCPL, which holds warrants of NDTV's promoter group company RRPR Holding Private Ltd (RRPR), entitling it to convert them into 99.99 per cent stake in RRPR, has exercised the option to acquire 99.5 per cent stake in RRPR and acquire control of it.
RRPR holds 29.18 per cent stake in NDTV.
VCPL, along with AMNL and AEL (persons acting in concert), will also launch an open offer to acquire up to 26 per cent stake in NDTV, in compliance with the requirements of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
NDTV is a leading media house which has pioneered the delivery of news for over three decades. The company operates three national news channels - NDTV 24x7, NDTV India, and NDTV Profit. It also has strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms.
NDTV recorded revenue of Rs 421 crore with an EBITDA of Rs 123 crore and net profit of Rs 85 crore 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," its CEO Sanjay Pugalia said.
"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."
AMNL, a wholly-owned subsidiary of AEL, houses the media business of the Adani Group. The company was recently incorporated to set up a credible next generation media platform with emphasis on digital and broadcast segments, amongst others. VCPL, which was recently acquired by AMNL, is its wholly-owned subsidiary.