NDTV open offer: Adani firms make open offer for acquiring 26% stake in NDTV for Rs 294 per share

Adani Group firms today launched an open offer to acquire a 26 per cent stake in NDTV for Rs 294 per share. AMG Media Networks Limited (AMNL) will indirectly acquire a 29.18 per cent stake in the media company upon successful completion of the open offer.

“Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL), exercised the rights to acquire 99.5% of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV,” AMG Media Networks said in a release.

It said the move would trigger an open offer to acquire up to a 26% stake in

in terms of SEBI’s Takeover Regulations.

RRPR is a promoter group company of NDTV and holds a 29.18% stake in NDTV. VCPL, along with AMNL & AEL (persons acting in concert), will launch an open offer to acquire up to 26% stake in NDTV in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

A BSE filing said the open offer would be for a total consideration of up to Rs 492.8 crore payable in cash.

“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms,” said Sanjay Pugalia, CEO, AMG Media Networks Limited.

Adani firm VCPL said it has the right to buy all of the existing equity shares of RRPR held by Prannoy Roy and Radhika Roy and acquire 100% of the equity share capital of RRPR.

RRPR holds 18,813,928 equity shares representing 29.18% of the total voting equity share capital of NDTV.

“Thus, the said transaction will result in an indirect acquisition of voting rights in excess of 25% of NDTV, triggering an open offer by VCPL under the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SAST Regulations”) for up to 16,762,530 fully paid-up equity shares,

constituting 26% of the voting share capital of NDTV,” Adani Enterprises said in a BSE filing.

As per the terms of the warrants, upon exercise of 1,990,000 warrants, RRPR is obligated to allot 1,990,000 equity shares of RRPR to VCPL within 2 days from today, i.e. by 25th August.

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