Indian billionaire Gautam Adani's conglomerate will buy a majority stake in New Delhi Television (NDTV.NS) (NDTV), marking its most high-profile media bet and setting the stage for a face-off in the sector with fellow tycoon Mukesh Ambani.
A unit of the Adani Group will buy a 29.18% stake and launch an open offer for another 26% of NDTV, Adani Group said in a statement on Tuesday.
One of nation's most popular news organisations, NDTV operates three national channels - NDTV 24x7 in English, NDTV India in Hindi and a business news channel.
Shares in Adani Group companies including flagship Adani Enterprises (ADEL.NS), Adani Green Energy (ADNA.NS), Adani Ports (APSE.NS) and Adani Power (ADAN.NS) fell after the release of the report, which pegged the conglomerate's total debt at 2.3 trillion rupees ($28.80 billion).
Shares of Adani Green, up about 170% over the year, led the slide falling as much 6.9%. Adani Power, which has risen more than five-fold in the last year, fell 5% to hit the lower circuit- the limit a stock price can move on a single day.
($1 = 79.8550 Indian rupees)