Mukesh Ambani friendly firms acquire majority control in NDTV: PGurus.com
Ambani has taken majority control of the television network through recent purchases in stock exchanges using some friendly trading funds, according to the website
Published - Oct 25, 2017 7:41 AM Updated: Oct 25, 2017 7:41 AM
It is now established that SpiceJet owner Ajay Singh has withdrawn from acquiring NDTV citing complicated legal cases and bad finances as the reason for his exit, but according to a website PGurus.com, Mukesh Ambani has taken majority control of the television network through recent purchases in stock exchanges using some friendly trading funds.
The report claims that Ambani now owns more than 51 per cent of the NDTV shares through his associated companies and trading funds. It could be noted that the television network is facing many lawsuits presently and hence is comes off surprising that the industrialist would want to acquire it. NDTV’s fluctuating share value suggests that the company shares have been steadily bought. For the uninitiated, the NDTV share value was Rs 39 on September 4, it shot up to Rs 72 on October 11 and presently it is Rs 62.50.
Founder Prannoy Roy and wife Radhika owned 30 per cent shares about three months ago. Around 38 per cent shares were owned by Ambani’s allies and the remaining ones were held by minority shareholders. Now, the situation has changed completely as Ambani has seemed to mopped up a number of shares, increasing his stake to 51 per cent.
Ambani’s company now owns CNN-IBN, Network 18 regional channels in almost all languages across the country, an investment in Rajat Sharma’s India TV, News Nation and Congress leader and Cricket administrator Rajiv Shukla’s News 24 group of channels, according to the website.
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