Adani media group to buy 29.2% stake in NDTV

New Delhi, Aug 23: Adani Enterprises on Tuesday announced that it would purchase a 29.18 percent stake in New Delhi Television Ltd (NDTV), and make an open offer to acquire another 26 percent of the shares in the media giant.

"AMNL's wholly owned subsidiary VCPL holds warrants of RRPR Holding Private Limited (RRPR) entitling it to convert them into 99.99% stake in RRPR. VCPL has exercised warrants to acquire 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR. RRPR isa promoter group company of NDTV (NDTV, BSE: 532529) and holds 29.18% stake in NDTV," the statement read.

NDTV is a leading media house which has pioneered the delivery of credible 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 a Revenue of INR 421 Cr with an EBITDA of INR 123 Cr and Net Profit of INR 85 Cr 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" stated Sanjay Pugalia, CEO, AMG Media Networks Limited. "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, 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.

However, NDTV said the debt was converted into equity without any input from the founders or the company.

This will be the ports-to-energy group's most high-profile bet in the media sector where Ambani already has a sizeable presence through Network18, which runs a bouquet of channels, including news channel CNN-News18 and business channel CNBC-TV18.

NDTV operates three national news channels - English news channel NDTV 24×7, Hindi news channel NDTV India and business news channel NDTV Profit.

It also has a strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms.