Adani Group targets 55.18% stake in NDTV

Adani Group founder Gautam Adani has started the ball rolling to acquire 55.18% controlling stake in New Delhi Television (NDTV).

Adani Group targets 55.18% stake in NDTV

Adani Group founder Gautam Adani has started the ball rolling to acquire 55.18% controlling stake in New Delhi Television (NDTV). Adani Group, which intends to hold 55.18 per cent stake in NDTV, has issued an open offer to offer 26 per cent stake in the information channel at Rs 294 for a face value of Rs 4 per share. The total cost for NDTV's 26 per cent or 16,762,530 fully paid up fairness shares - if the provision is fully accepted - is likely to be around Rs 483 crore for the Adani group.

According to Adani Group, this equity acquisition is likely to be in two modes:

· First, it will be through Vishwapradhan Commercial Private Limited (VCPL).

· And then VCPL, its wholly owned patron AMG Media Networks and Adani Enterprises Limited (persons appearing in live performances).

Key Points:

· VCPL has RRPR. The holding has 1,990,000 warrants, which carry the right to convert them into a 99.99 percent stake at a later date.

· VCPL has partially exercised its option, which led to RRPR. Acquisition Management of Holding - 1,990,000 fair shares or 99.50 percent has been made.

· NDTV has 29.18 percent stake in RRPR Holding, which has three nationwide TV channels.

Important points for all competitive exams:

· Founders of NDTV : Prannoy Roy, Radhika Roy;

· NDTV Established: 1988;

· NDTV Headquarters: New Delhi.