NDTV Open Offer: Adani Group’s Open Offer for NDTV is over 31% subscribed | News Bharat

Mumbai: Investors in (NDTV) offered 53.27 lakh shares of the company in the mandatory open offer announced by Adani Group on 30 November. The shares tendered so far represent over 31.78% of the 1.68 crore shares that Adani has to offer for purchase by public stakeholders of the news broadcaster. Last night, NDTV told stock exchanges that founders Prannoy Roy and Radhika Roy have stepped down from the company’s holding entity RRPR Holding Private, which was acquired by the Adani Group. The Roys, who still hold a 32.26% stake in NDTV, continue to sit on the media company’s board.

The open offer, which opened on November 22nd, will end on December 5th. The minimum open bid price was set at ₹294 per unit. Shares of

rose 5% to close at ₹446 on Wednesday.

Adani Group’s mandatory open offer to buy an additional 26% stake from public shareholders in NDTV comes after the conglomerate in August bought Vishvapradhan Commercial Pvt Ltd (VCPL), which had lent ₹ 403.8 crore to RRPR Holding, the promoter company group of NDTV. This entity holds 29.18% stake in NDTV. RRPR issued warrants to VCPL which allowed it to convert the warrants into a 99.9% stake in RRPR in the event the loan was defaulted. VCPL, now a wholly owned subsidiary of Adani AMG Media Networks, exercised warrants to purchase a 99.5% stake in RRPR Holdings.

The November 29 exchange filing said RRPR had approved the appointment of Sudipta Bhattacharya, Senthil Sinniah Chengalvarayan and Sanjay Pugalia as directors on its board.

On November 28, NDTV’s group promoter RRPR Holding told the stock exchanges that it had issued shares on the same day, constituting 99.5% of Vishvapradhan Commercial’s equity.

“The shares have been issued pursuant to the Conversion Notice dated August 23, 2022, following the expiry of the 2-year restriction imposed by the Securities and Exchange Board of India (SEBI) in respect of trading in securities on November 26, . 2022,” NDTV said in a filing to the stock exchanges.

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