Insight Bureau: Adani group-owned AMG Media Networks (AMNL) said on Tuesday that it had acquired an indirect stake of 29.18% in NDTV, which had subsequently triggered an open for Rs 493 crore.

AMNL said VCPL exercised warrants to acquire 99.5% stake in RRPR. The acquisition resulted in VCPL acquiring control of RRPR.

VCPL, along with AMNL and Adani Enterprises, would launch an open offer to acquire up to 26 per cent stake in NDTV, in compliance with the requirements of the Sebi’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

NDTV recorded a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and net profit of Rs 85 crore in FY22 with negligible debt.

“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms,” said Sanjay Pugalia, CEO, AMG Media Networks Limited.