Adani Enterprises moves to acquire NDTV in a hostile takeover bid; to launch open offer to buy 26% stake

Adani Group NDTV Launch Open Offer: Adani Enterprises has made a move to acquire a controlling stake in news network NDTV Ltd in a hostile takeover. Adani’s media unit AMG Media Networks Ltd has exercised the rights to convert the outstanding loan to NDTV’s holding company, resulting in acquisition of a 29.18% stake in NDTV. Thereafter, Adani unit will launch an open offer to buy another 26% stake from shareholders at Rs 294 per share, the company said in stock exchange filings. Earlier today, NDTV share price jumped 5% to close at Rs 376.55 on NSE, ahead of the news.