Adani Group's NDTV Buyout Process On At Full Speed, Says Parimal Nathwani
The Adani Group's media unit has fully acquired Vishvapradhan Commercial and will make an open offer to NDTV shareholders.
A day after the Adani Group announced the indirect acquisition of stake in New Delhi Television Ltd., Parimal Nathwani, a Rajya Sabha member and a close confidant of Mukesh Ambani, said the deal process is on at full speed.
While congratulating Adani Group Chairman Gautam Adani, Nathwani tweeted: "This is just one of the many takeovers by the Adani Group, which have now become a frequent occurrence."
The Adani Group's media subsidiary announced on Aug. 23 that it has fully acquired Vishvapradhan Commercial Pvt., an investor in New Delhi Television.
AMG Media Networks Ltd., a wholly owned arm of Adani Enterprises Ltd., acquired the stake from Nextwave Televentures Pvt. and Eminent Networks Pvt. at an enterprise value of Rs 113.74 crore, according to an exchange filing.
Vishvapradhan along with AMG Media and Adani Enterprises will make an open offer for 26% stake or 1.62 crore shares of NDTV at Rs 294 apiece, according to the disclosure. The aggregate cost of the acquisition will be Rs 482.80 crore.
Vishvapradhan has the right to exercise any or all of the 10 crore warrants issued to it by RRPR Holding Pvt.—the holding company of NDTV promoters Prannoy Roy and Radhika Roy. Upon exercise of the warrants, Vishvapradhan will own 99.99% stake in RRPR Holdings, which holds 29.18% of NDTV.