NDTV suspends proposed sale of 20 percent stake in Astro Awani Network

0
8


NDTV Stake Sale: The planned sale of New Delhi Television’s 20 percent stake in Malaysian media company Astro Awani Network has been postponed, the company and its subsidiary NDTV Networks announced on Friday.

NDTV and Astro formed a joint venture to develop a 24-hour news channel in Malaysia and Indonesia. The following year, 2006, the channel premiered.

The Central Bureau of Investigation (CBI) has refused to give clearance to the proposed sale, according to a statement issued by NDTV to the stock exchange. “The company is currently exploring the legal options available to it and will take necessary action accordingly,” NDTV said.

NDTV stake sale

NDTV has exited some of its joint ventures over the past few years, including lifestyle channels in which Astro was an investor, Online Stores and a partnership with Astro in Malaysia.

Earlier this year, the company signed an agreement with Astro to sell its 20 percent stake in the joint venture for Rs 15 crore. For this, regulatory approvals such as the Reserve Bank of India and other regulatory approvals under the Foreign Exchange Management Rules 2022 were required.

The media giant is at odds with the Adani group after the latter revealed plans in August to buy Vishvapradhan Commercial (VCPL), which owns 99.99% of NDTV promoter RRPR Holding, and take a 29.18% stake in the news network. .

This led to an open offer for an additional 26 percent stake in the business. As the Securities and Exchange Board of India (Sebi) had not submitted its comments or given its approval to Adani Group’s draft offer letter, the open offer, which was tentatively scheduled for October 17, could not take place.

The case has since been taken to the Supreme Court, but Adani said last month it remained committed to completing the open tender process for more NDTV shares.



Read full article here

Leave a Reply