NDTV promoter firm RRPR Holding on Monday said it has transferred shares constituting 99.5 percent of its equity to Adani group-owned Vishvapradhan Commercial (VCPL). Thus completes the official acquisition of NDTV by Adani.
The share transfer will give the Adani Group control over a 29.18 percent stake in the NDTV. The port-to-power conglomerate is also conducting an open bid for another 26 percent stake in the media firm. The open offer, which began on November 22, has seen shareholders trade 5.3 million shares, or 31.78 percent of the issue size of 16.7 million shares, so far, stock exchange data showed. The open offer will end on December 5th.
The transaction took place on Monday, RRPR Holding said in a disclosure to stock exchanges, pursuant to a conversion notice dated August 23, 2022, issued by VCPL. This follows the expiry of the two-year restriction imposed by the Securities and Exchange Board of India (SEBI) on November 26, it said.
Gautam Adani, chairman of the Adani Group, in an interview with the Financial Times recently said that buying NDTV was a “liability” and not a “business opportunity” for him, and invited NDTV’s founding owner Prannoy Roy to stay on as its head.
“SEBI did not respond to a specific letter dated August 28, 2022 on behalf of the promoter group vehicle seeking clarification, but has since approved the letter of offer (dated November 11, 2022) from VCPL (acquirer) along with AMG Media Networks and Adani Enterprises to acquire up to 16,762,530 fully paid equity shares of par value ₹4 each, representing 26 per cent of the voting share capital of New Delhi Television in accordance with the SEBI (Acquisition of Substantial Shares and Takeovers) Rules, 2011. ,” RRPR Holding said on Monday.
On August 23, VCPL said it has exercised rights to acquire an indirect stake of 29.18 percent in NDTV by converting warrants into equity stake in the promoter group company, RRPR Holding.
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Posted on November 29, 2022