Adani group acquires NDTV?

A subsidiary of the Adani group has indirectly acquired 29.18 percent in NDTV and launched an open offer, the Hindu reported today.

The group also issued a press release on the acquisition, calling it a "significant milestone" in the journey to "pave the path of new media across platforms".

AMG Media Networks Ltd, a wholly owned subsidiary of Adani Enterprises, acquired "100% equity stake" in Vishvapradhan Commercial Private Ltd. According to the press release, Vishvapradhan "exercised its rights" to acquire 99.5 percent equity shares of NDTV's holding company.

AMG Media Networks Ltd CEO Sanjay Pugalia said, "AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge. With its leading position in news and its strong and diverse reach across genres and geographies, NDTV is the most suitable broadcasting and digital platform to deliver on our vision."

On the open offer, Economic Times reported that Adani Enterprises, along with two others, has made an open offer to buy 26 percent stake in NDTV for Rs 294 per share.

However, NDTV has called this a "baseless rumour". In a disclosure dated August 22 to the Bombay Stock Exchange, NDTV said "Radhika and Prannoy Roy are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV."

Read our detailed piece on the connections between NDTV and Vishvapradhan. Also read about how Reliance bailed out NDTV's holding company.

Meanwhile, in the usual fashion, social media is abuzz with speculation.