New Delhi, 23/8: Adani Group said on Tuesday its media unit will buy a majority stake in New Delhi Television, one of nation’s most popular, in the most high-profile bet by billionaire Gautam Adani in the vibrant media sector.
Adani’s unit will indirectly buy a 29.18 per cent stake in New Delhi Television Ltd and launch an open offer for another 26 per cent stake. The open offer would be worth Rs 493 crore ($61.73 million), according to the statement.
Earlier on Tuesday, Adani said it bought Vishvapradhan Commercial Pvt Ltd (VCPL) for Rs 114 crore. VCPL owns warrants of NDTV shareholder RRPR and on Tuesday exercised its rights to convert those warrants into shares amounting to 99.5 per cent of RRPR.
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