The Adani group has announced that it will open an offer to acquire an additional 26% public shareholding in NDTV from November 22 to December 5. Vishvapradhan Commercial Pvt. Ltd (VCPL) with AMG Media Networks and Adani Enterprises Ltd plan to acquire 1.67 crore equity shares, representing 26% of the company, at a price of Rs 294 per share. The previous timeline for the open offer was from October 17 to November 1. The Adani group acquired a 29.18% stake in NDTV in August, allowing them to launch the open offer. As of September 2022, public shareholders hold 38.55% stake in the company. In August, Adani entities acquired VCPL, which had previously lent over Rs 403 crore to NDTV founders led by Prannoy Roy. VCPL had provided the loan in 2009-10 in exchange for warrants that allowed it to acquire a stake of 29.18% in NDTV at any time. After the transaction, the Adanis will hold at least 99.50% and up to 100% of the paid-up share capital of the promoter company, RRPR Holdings, which holds 29.18% of the voting share capital of NDTV. Meanwhile, NDTV and its subsidiary, NDTV Networks Ltd, have put on hold the proposed sale of their stake in Astro Awani Network Sdn Bhd, a media company in Malaysia, as the Central Bureau of Investigation has withheld its approval of the transaction. NDTV said it is currently examining its legal options and will take necessary action accordingly.
