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The board of directors of New Delhi Television Limited (NDTV), controlled by Gautam Adani, has approved a proposal to seek permission from the Union Ministry of Information and Broadcasting to launch nine regional news channels in various Indian languages. The meeting took place on May 17.
According to a letter sent to the NSE on Wednesday, the media network's board of directors has granted approval to seek permission from the Ministry of Information and Broadcasting for the gradual establishment of nine regional language news channels. The company has stated that it will announce the launch dates after getting the approval from the ministry.
As mentioned in NDTV's stock market filing, NDTV will communicate the launch date of the aforementioned channels to stock exchanges after approval by the Ministry of Information and Broadcasting.
Regarding the yield and returns of NDTV shares, the latest listing price on the BSE was Rs 172.85. The stock has hit a 52-week high of Rs 567.85 per share and a 52-week low of Rs 149.60 per share. Currently, the company has a market capitalization of Rs 1,114.39 crore.
Adani group's takeover of NDTV
Radhika and Prannoy Roy, the former NDTV leaders, transferred ownership to Adani in December of the previous year. The controversial deal, which Newslaundry reported on, resulted in the Adani group becoming the majority shareholder of the media company.
On August 23, the newly established media division of the Adani group acquired a 100 percent equity stake in VCPL. VCPL held convertible warrants in NDTV's sponsor, RRPR Holding Private Ltd, which were obtained through loans made in July 2009 and January 2010.
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