Adani Group's media sector on 23rd August announced that it would buy a 29.18 percent stake in New Delhi Television Ltd (NDTV).
Adani Group's media sector make an open offer to acquire another 26 percent of the shares in the company.
The acquisition of 29.18 percent stake will be indirect, as it will be made through Vishvapradhan Commercial Pvt Ltd (VCPL).
Vishvapradhan Commercial Pvt Ltd (VCPL
), a wholly owned subsidiary of AMG Media Network Ltd (AMNL), which is owned by Adani Enterprises Ltd (AEL).
This will trigger an open offer to acquire up to 26 percent stake in NDTV in terms of SEBI’s takeover regulations, the company said.
AMNL CEO Sanjay Pugalia said this "acquisition is a significant milestone" in the company's goal to "pave the path of new age media across platforms".
Shortly after AMNL's statement, NDTV issued a statement, claiming that the exercise of rights by VCPL does not have the consent of its founders.
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