Indian Billionaire Gautam Adani Eyes Stake In NDTV Media Network

India's Adani Group looks to snap a majority stake in New Delhi Television, marking its most high-profile bet in the booming media sector, Reuters reports.
Billionaire Gautam Adani aims to indirectly buy a 29.18% stake in NDTV and launch an open offer for another 26% stake.
The open offer would be worth ₹4.93 billion ($61.73 million).
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Earlier, Adani disclosed buying Vishvapradhan Commercial Pvt Ltd (VCPL) for ₹1.14 billion.
VCPL owns warrants of NDTV shareholder RRPR and exercised its rights to convert those warrants into shares amounting to 99.5% of RRPR.
NDTV is a leading media house operating three national news channels, NDTV 24x7, NDTV India, and NDTV Profit. RRPR holds a 29.18% stake in NDTV.
Earlier this year, Adani scooped a minority stake in local digital business news platform Quintillion.
The Adani conglomerate's stocks rallied on the Indian stock market indices since the pandemic. One of the biggest multi-baggers for its investors was the Adani Green Energy stock.
Adani has added $49.3 billion to his wealth this year, the highest amount for anyone on Bloomberg's list of the world's 500 wealthiest people.
Contrastingly, top billionaires Tesla Inc TSLA CEO Elon Musk and Amazon.com Inc AMZN Jeff Bezos have lost $12.4 billion and $25.7 billion, respectively, in 2022.