In its regulatory filing, NDTV said that RRPR Holding Private Limited (RRPRH) has issued shares worth 99.5% of its equity share capital to Vishvapradhan Commercial Private Limited (VCPL).
NDTV’s Promoter Group company RRPR Holding Private Limited (RRPRH), which is owned by Prannoy Roy and Radhika Roy, transferred ownership to the Adani Group on Monday, November 28. In its regulatory filing, NDTV said that RRPRH has issued shares worth 99.5% of its equity share capital to Vishvapradhan Commercial Private Limited (VCPL). VCPL is an indirect subsidiary of Adani Enterprises.
The shares were issued pursuant to the Conversion Notice dated August 23, 2022, following the expiry of the two-year ban imposed on Radhika and Prannoy Roy of NDTV by the Securities and Exchange Board of India (SEBI) in connection with trading in securities of November 26, 2022, RRPRH said in a disclosure to the stock exchanges.
In August, Adani Enterprises said it would indirectly own 29.18% in NDTV by buying out RRPRH, the company pitched by promoters Radhika Roy and Prannoy Roy. In a BSE listing, Adani Enterprises said VCPL, an indirect subsidiary of Adani Enterprises, will take over RRPR.
TNM had earlier said that with the acquisition of their shares, it would result in the Adani company getting over 25% voting rights in NDTV. AMG Media Network Limited (AMNL), a subsidiary of Adani Enterprises, said it will launch an open offer for these shares under the provisions of the SEBI Takeover Regulations.
SEBI has approved the letter of offer dated November 11 by VCPL along with AMG Media Networks Limited and Adani Enterprises Limited to acquire up to 16,762,530 fully paid shares of Rs 4 each, representing 26% of the voting share capital of NDTV in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, a report in Bestmediainfo said.
At the close of the open offer on December 5, Adani’s will own more than 55% stake in NDTV.