NDTV Shares Hit 5% Upper Circuit, Surge to Fresh 52-Week High on Adani Deal; Details

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NDTV Share Price Today: Shares of New Delhi Television (NDTV) were locked at the 5 per cent upper circuit, hitting a 52-week high at Rs 384.50 on the BSE on Wednesday after Adani Group, which recently established a media arm, announced that it would pick up a 29.18 per cent stake in the company and make an open offer to acquire 26 per cent more.

In the past three months, the stock price of NDTV has zoomed nearly 140 per cent, as compared to 8 per cent rise in the S&P BSE Sensex. In one year, it soared 382 per cent against 6 per cent gain in the benchmark index.

Adani Firms Open Offer To Acquire 26% Stake in NDTV

Adani Enterprises, along with two other companies, has made an open offer to buy a 26 per cent stake in NDTV for Rs 294 per share, which is aggregating to a total consideration of up to Rs 492 crore, according to a statement on Tuesday. Upon the successful completion of the open offer, Adani media unit AMG Media Networks Ltd will indirectly acquire a 29.18 per cent stake in New Delhi Television Ltd (NDTV).

“Vishvapradhan Commercial Private Limited, along with AMG Media Networks Ltd and Adani Enterprises Ltd, collectively referred to as “PACs” in their capacity as the persons acting in concert with the acquirer, have announced an open offer for the acquisition of up to 1,67,62,530 fully paid-up equity shares of the face value of Rs 4 each from the public shareholders of the target company, representing 26 per cent of the voting share capital of the target company on a fully diluted basis as on the 10th working day from the closure of tendering period, at a price of Rs 294 per equity share aggregating to the total consideration of up to Rs 4,92,81,83,820 (assuming full acceptance) payable in cash,” JM Financial said on Tuesday. JM Financial is the manager to the offer.

Vishvapradhan Commercial Private Limited (VCPL) is a wholly-owned subsidiary of AMG Media Networks Limited (AMNL), which is owned by Adani Enterprises Ltd (AEL).

“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 statement.

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

However, NDTV in exchange filing said, without any discussion with the company or its founder-promoters, a notice has been served upon them by VCPL, stating that it (VCPL) has exercised its rights to acquire 99.50 per cent control of RRPRH, the promoter-owned Company that owns 29.18 per cent of NDTV.
cent held by public investors.

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