Adani Enterprises Ltd.

The Adani Group has launched hostile takeover bid of NDTV, with an open offer to acquire an additional 26% or 1.67 crore equity shares for up to Rs 493 crore. Three Adani group firms - Vishvapradhan Commercial (VCPL) along with AMG Media Networks and Adani Enterprises - have come out with a public announcement for the offer under the Sebi norms. At a price of Rs 294 per share, the open offer will amount to Rs 492.81 crore.

Adani Group has acquired the stake in NDTV indirectly by buying VCPL, which owned convertible debentures (warrants that provide for the conversion of debt to equity) in RRPR Holding that in turn owned 29.18% of NDTV. If the open offer is fully subscribed, Adani would own over a 55% in NDTV, which owns three national news channels -- NDTV 24x7, NDTV India and NDTV Profit.

Adani Enterprises (AEL) is the flagship company of Adani Group, one of India’s largest business organisations.