Adani Group's indirect subsidiary makes open offer to NDTV shareholders

Gautam Adani. File Pic

The Adani Group informed both exchanges, BSE and NSE, that its indirect subsidiary, Vishvapradhan Commercial Pvt Limited (VCPL), had made an open offer to the public shareholders of New Delhi Television Ltd, on Wednesday.

The manager of the open offer, JM Financial Limited, addressed a letter to the Securities and Exchange Board of India (Sebi) on Wednesday.

Also read: Adani Group responds to NDTV letter that said IT authorities' nod needed for transfer of shares

The Group statement indicated that the decision to acquire NDTV was arrived at in furtherance of the Group's objective to set up a credible next-generation media platform with emphasis on digital and broadcast segments and that NDTV is a suitable broadcast and digital platform to deliver on this vision.

While the underlying transaction has not been consummated due to the stance being taken byRRPR, the Group said VCPL was committed to its vision and intends to proceed with the open offer in accordance with the provisions of the Sebi Regulations, 2011. RRPR is a promoter group company of NDTV and holds 29.18 per cent stake in NDTV.

The statement said VCPL re-affirms its commitment to completing the open offer process.

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