Indian Billionaire Gautam Adani Eyes Stake In NDTV Media Network

  • India's Adani Group looks to snap a majority stake in New Delhi Television, marking its most high-profile bet in the booming media sector, Reuters reports.
  • Billionaire Gautam Adani aims to indirectly buy a 29.18% stake in NDTV and launch an open offer for another 26% stake. 
  • The open offer would be worth ₹4.93 billion ($61.73 million).
  • Also Read: Disney To Fight It Out With Asia's Richest Man For IPL Rights As Amazon Said To Bow Out
  • Earlier, Adani disclosed buying Vishvapradhan Commercial Pvt Ltd (VCPL) for ₹1.14 billion. 
  • VCPL owns warrants of NDTV shareholder RRPR and exercised its rights to convert those warrants into shares amounting to 99.5% of RRPR.
  • NDTV is a leading media house operating three national news channels, NDTV 24x7, NDTV India, and NDTV Profit. RRPR holds a 29.18% stake in NDTV.
  • Earlier this year, Adani scooped a minority stake in local digital business news platform Quintillion.
  • The Adani conglomerate's stocks rallied on the Indian stock market indices since the pandemic. One of the biggest multi-baggers for its investors was the Adani Green Energy stock.
  • Adani has added $49.3 billion to his wealth this year, the highest amount for anyone on Bloomberg's list of the world's 500 wealthiest people.
  • Contrastingly, top billionaires Tesla Inc TSLA CEO Elon Musk and Amazon.com Inc AMZN Jeff Bezos have lost $12.4 billion and $25.7 billion, respectively, in 2022.
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