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

This came as AMNL’s wholly-owned subsidiary VCPL had warrants of RRPR Holding Private Limited (RRPR), the holding company of NDTV, the company said. RRPR holds 29.18 per cent in NDTV.

AMNL said VCPL exercised warrants to acquire 99.5 per cent stake in RRPR. The acquisition resulted in VCPL acquiring control of RRPR, it said.

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.

On Monday, NDTV had clarified in a stock exchange filing that NDTV promoters Radhika and Prannoy Roy were not in discussions for a change in ownership or a divestment of their stake in NDTV.

“They individually and through their company, RRPR Holding continue to hold 61.45 per cent of the total paid-up capital of NDTV,” the company said.