Adani Group on Tuesday said its subsidiary AMG Media Networks Ltd. will indirectly acquire a 29.18% stake in news network NDTV, New Delhi Television Ltd.

Vishvapradhan Commercial Pvt. Ltd. (VCPL), a wholly owned subsidiary of AMG Media Networks, owns warrants of RRPR and has exercised its right to convert 1,990,000 warrants into 1,990,000 equity shares of RRPR constituting 99.50% of RRPR's equity share capital, billionaire Gautam Adani-led Adani Group says in a statement.

The 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, says the Adani group.

The open offer by VCPL to acquire up to 16,762,530 fully paid up equity shares, constituting 26% of the voting share capital of NDTV from the public shareholders is being made at ₹294 per equity share.

Upon allotment of equity shares by RRPR, VCPL will own 99.5% of the paid-up equity share capital of RRPR. RRPR in turn holds 18,813,928 equity shares representing 29.18% of the total voting equity share capital of NDTV.

VCPL also has the right to exercise at any time further warrants to acquire up to 99.99% of the equity share capital of RRPR and a purchase option to purchase all of the existing equity shares of RRPR held by NDTV founder Prannoy Roy and Radhika Roy and acquire 100% of the equity share capital of RRPR, says the Adani group.

This comes months after AMG Media Networks acquired a 49% stake in Raghav Bahl's digital business news platform Quintillion Business Media Pvt Ltd, which runs business news website BQPrime.

NDTV, which operates three national news channels namely NDTV 24x7, NDTV India and NDTV Profit, recorded a revenue of ₹421 crore with an EBITDA of ₹123 crore and net profit of ₹85 crore in FY22.

"This acquisition is a significant milestone in the journey of AMNL's goal to pave the path of new age media across platforms," says Sanjay Pugalia, CEO, AMG Media Networks.

"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," Pugalia adds.

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