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Adani Group: AMG Media (AMNL) owned subsidiary indirectly acquire 29.18% stake in NDTV India.

It's a sudden surge in the prices, The NDTV shares hit upper Circuit today. NDTV shares rallied on Monday to hit its 17 percent upper circuit limit. This happened amid speculations in the market that NDTV may be acquired by a big corporate group. Early on Monday, some speculation started doing rounds that none other than the Adani group may acquire stakes in a Delhi based media house, which many believe is NDTV.

The market has been buzzing with Adani’s entry into the media sector after Adani Enterprises inducted veteran journalist Sanjay Pugalia as the CEO and editor-in-chief to lead the group’s media initiatives.

Pugalia was earlier the president and editorial director at Quint Digital Media. Before that he headed CNBC-Awaaz, set up Star News in Hindi, headed Zee News and was part of the founding team of AajTak. As a print journalist, he has worked with Business Standard and Navbharat Times.

He was also a regular contributor to BBC Hindi Radio during the 1990s. NDTV’s financial performance has been patchy. The company’s promoters have also been subject to tax investigations. However, the stock has risen 130 per cent in the last one year.

Vishvapradhan Commercial Private Limited (VCPL), wholly owned subsidiary of AMG

Media Networks Limited (AMNL), has exercised the rights to acquire 99.5% of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.

It will trigger an open offer to acquire up to 26% stake in NDTV in terms of SEBI's Takeover Regulations. NDTV has three leading national channels and strong digital platform.

AMNL is 100% subsidiary of Adani Enterprises Limited (AEL). AMNL's wholly owned subsidiary VCPL holds warrants of RRPR Holding Private Limited (RRPR) entitling it to convert them into 99.99% stake in RRPR. VCPL has exercised warrants to acquire 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR.

RRPR is a promoter group company of NDTV (NDTV, BSE: 532529) and holds 29.18% stake in NDTV. VCPL along with AMNL & AEL (persons acting in concert), will launch an open offer to acquire up to 26% stake in NDTV, in compliance with the requirements of the SEBI's (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

About NDTV

NDTV New Delhi Television Limited is a holding company. The Company is in the business of television media and operate it is a leading media house which has pioneered the delivery of credible news for over three decades. The company operates three national news channels - NDTV 24x7, NDTV India and NDTV Profit. It also has strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms. NDTV recorded a Revenue of INR 421 Cr with an EBITDA of INR 123 Cr and Net Profit of INR 85 Cr in FY22 with negligible debt.

Corporate acquisition:

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

"AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge. With its leading position in news and its strong and diverse reach across genres and geographies, 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."

About AMG Media Networks Limited (AMNL)

AMNL wholly owned subsidiary of AEL, houses the media business of the Adani Group. The company was recently incorporated to set up a credible next generation media platform with emphasis on digital and broadcast segments, amongst others VCPL, which was recently acquired by AMNL is its wholly owned subsidiary

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