RRPR holds a 29.18% stake in
. The stock allocation became effective Nov. 28, the media company said in a regulatory filing.
In August, Adani Group said its subsidiary, AMG Media Networks, had bought VCPL, which had allocated ₹403.85 crore to RRPR. Promoter firm NDTV had earlier issued warrants to VCPL, which allowed it to convert the warrants in case the loan was defaulted.
On Thursday, NDTV said the warrants were converted under the July 21, 2009 and January 25, 2010 loan agreements into RRPR shares.
NDTV also said that the RRPR board had on November 29 appointed Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as directors with immediate effect. NDTV founders Prannoy Roy and Radhika Roy resigned from the RRPR board on the same day.
Meanwhile, public shareholders of NDTV have so far tendered almost 5.33 million shares under the open offer announced by Adani Group. The shares tendered so far represent more than 31.78% of the 16.8 million shares that Adani Group has offered to buy in the mandatory open offer. On November 7, the market regulator approved the open offer worth Rs 492.81 crore for a 26% stake.
Adani’s open offer price is ₹294 per share. NDTV shares closed nearly 5% lower at ₹425.50 on the BSE on Thursday.