Adani Group set to acquire NDTV

By Our Special Correspondent

The Adani Group said on Tuesday it will buy a majority stake in NDTV after indirectly buying 29.18% in the television channel, which it said was done without the permission or notice of the company's promoters.

Adani indirectly acquired 29.18% stake in New Delhi Television Ltd and said it will launch an open offer for another 26% stake. According to a press release issued by the company, the open offer value is Rs. 493 crores ($61.73 million).

Earlier on Tuesday, Adani Vishwapradhan Commercial Private Limited (VCPL) had bought Rs. It is said that it was purchased for 114 crores. VCPL holds warrants of NDTV shareholder RRPR and on Tuesday exercised its rights to convert those warrants into 99.5% stake in RRPR.

"RRPR is a promoter group company of NDTV and holds 29.18% stake in NDTV," the Adani Media Networks Limited (AMNL) press release further said, adding that VCPL, along with AEL and AMNL, will launch an open offer to buy up to. 26% stake in NDTV in 2011 as per norms prescribed by the Securities and Exchange Board of India (SEBI).