New Delhi: NDTV’s Promoter Group company RRPR Holding Private Limited (RRPRH), owned by Radhika Roy and Prannoy Roy, transferred ownership to the Adani Group on Monday.
NDTV in its regulatory filing said RRPRH has issued shares on November 28, 2022, constituting 99.5% of its share capital to Vishvapradhan Commercial Private Limited (VCPL).
The shares were 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 ..
The conglomerate run by India’s richest man Gautam Adani in August acquired a little-known company that lent more than 400 crore rupees to NDTV’s founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29, 18 percent in the newsgroup at any time.
NDTV said SEBI did not respond to a specific letter dated August 28, 2022 on behalf of the Promoter Group vehicle seeking clarification.
SEBI has since approved the letter of offer (dated November 11, 2022) by VCPL along with AMG Media Networks Limited and Adani Enterprises Limited to acquire up to 16,762,530 fully paid equity shares of face value INR 4, each representing 26% of voting share capital of New Delhi Television Limited in accordance with the SEBI (Acquisition of Substantial Shareholdings and Takeovers) Rules, 2011 (as amended).
Open offer ends December 5th.
After closing the open offer, Adani’s will own more than 55% stake in NDTV.
Adani Enterprises also informed the stock exchange that VCPL has received a letter from RRPR Holding dated November 28, 2022 confirming the issue of equity shares constituting 99.5% of its equity capital to VCPL on November 28, 2022.