Adani Group said Tuesday it would purchase the majority stake in NDTV A well-known Indian news organization which appears to be hostile to take over , in the same way billionaire Gautam Adani is looking to increase his media empire.
AMG Media Networks, Adani’s subsidiary is now in control of an 29.18 percent share of New Delhi Television by executing alternative options from a loan granted to the founders and promoters of NDTV over the last year. AMG Media Networks has also launched an offer to buy a 26 percent stake in the agency , as an Indian company’s announcement. The deal is expected to total $61.77 millions.
Created over three decades ago NDTV is one of the most known and respected news channels. It’s an exclusive source that provides an objective perspective on the policies of the government.
The company is located in New Delhi which owns two news channels on television . It also maintains a large online presence it announced the previous day that neither it nor its founders participated engaged in any conversation, nor provided their consent or advice regarding the purchase of the majority stake.
“Without any discussions regarding New Delhi Television Limited (NDTV) or its founder-promoters, a notification has been sent to the latter through Vishvapradhan Commercial Private Limited (VCPL) and stating the fact that (VCPL) has taken advantage of its right to take over 99.50 percent control over RRPR Holding Private Limited (RRPRH) the promoter-owned entity which controls 29.18 percent of NDTV. The notice issued by VCPL is the result of a loan contract that it signed in 2009 with NDTV the founders Radhika as well as Prannoy Roy in 2009-2010. The notice says the following: VCPL had exercised the right for the conversion of 19,90,000. warrants to equity shares in RRPRH at a price of Rs. 10.50 per share as well as that an amount amount of 1.99 crores of. 1.99 crores have been transferred to RRPRH,” NDTV added.
The news of a deeply over-leveraged company owned by the PM’s ‘khaas dost’ making a hostile takeover bid of a well-known TV news network is nothing but concentration of economic and political power, and a brazen move to control and stifle any semblance of an independent media.
— Jairam Ramesh (@Jairam_Ramesh) August 24, 2022
The deal comes in a period when Adani Asia’s most powerful person is planning to join media properties and battle Mukesh Ambani, head of the telecom-to-oil company Reliance Industries, on another option. Ambani is the owner of the media properties Network18.
in an announcement.”AMNL is determined to assist Indian citizens, consumers and anyone else who are interested in India by giving them information and facts. With its leading position in the area of news, as well as its large and wide audience across genres and geographical areas, NDTV is the most suitable digital and broadcast platform for carrying out its mission. We’re eager to continue to strengthen the role of NDTV as an innovator in the field of news distribution.
The NDTV takeover was not today. It was in 2009.
No one made money here. Not the acquirer. Not NDTV shareholders, and not even the ex-promoters of NDTV.
The public offer is some 30% below the current market price. There’s no money to be made here. (more details follow)
— Deepak Shenoy (@deepakshenoy) August 23, 2022
