MUMBAI: In a transaction that drew an adverse reaction from the promoters of New Delhi Television (NDTV), the media arm of the Adani Group announced the acquisition of a 29% stake in the company.
AMG Media Networks (AMN) said it would acquire 29% of NDTV through an investor in the channel, Vishvapradhan Commercial. The investor was bought over from two shareholders, Nextwave Televentures and Eminent Networks, for Rs 114 crore on Tuesday. VCPL will have to make an open offer to acquire 26% of NDTV from public shareholders at Rs 294 apiece, entailing a cost of around Rs 483 crore.
Following AMN's statement, NDTV, in a filing to the stock exchanges, said the announcement came without any intimation to the company and its founders.
