Adani Enterprises will indirectly own 29.18% in NDTV, buying out RRPR-Holding Private Limited (RRPR), the company floated by promoters Radhika Roy and Prannoy Roy. In a BSE listing, Adani Enterprises has said Vishvapradhan Commercial Private Limited (VCPL), an indirect subsidiary of Adani Enterprises, will take over RRPR.
RRPR holds 29.18% stake in NDTV and with the takeover of their shares, it will result in the Adani company getting voting rights in excess of 25% of NDTV. AMG Media Network Limited (AMNL), a subsidiary of Adani Enterprises, has said that they will launch an open offer for these shares under the provisions of the Security and Exchange Board of India’s (SEBI) Takeover Regulations.
In September 2021, after reports emerged of Adani group's takeover of NDTV, in a clarification letter to the Bombay Stock Exchange, Adani group had said that the reports of a buyout were ‘factually incorrect’ and that there was no announcement to be made on the same. NDTV, too, had clarified that the promoters Radhika and Prannoy Roy “are not in discussions now, nor have been, with any entity for a change in ownership or divestment of their stake in NDTV".
“RRPR is a promoter group company of NDTV (NDTV, BSE: 532529) and holds 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,” AMNL said in a statement on Tuesday, August 23.
“AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge," Sanjay Pugalia, CEO, AMG Media Networks Limited, said. "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."
Adani Group had earlier this year bought a minority stake in Quintillion Business Media Private Limited.