The Adani Group announced in a statement that AMG Media Networks Limited, a subsidiary of the Adani Group, will buy a 29.18% share in New Delhi Television Ltd (NDTV) and conduct an open bid for another 26% stake in the media house. Adani businesses made a 493-crore open bid for NDTV’s 26% holding at $294 per share. The media company’s stock finished 5% higher today at 376.55 per share.
“AMNL’s wholly owned subsidiary VCPL possesses RRPR Holding Private Limited (RRPR) warrants that entitle it to convert them into a 99.99% share in RRPR.” VCPL executed warrants to purchase 99.5% of RRPR. As a result of this transaction, VCPL will gain ownership of RRPR. “RRPR is a promoter group firm of NDTV and owns 29.18% of the corporation,” according to the statement.