NDTV’s Promoter Group vehicle RRPR Holding Private Limited (RRPRH), which is owned by Prannoy Roy and Radhika Roy, transferred the ownership to Adani Group on Monday, November 28. In its regulatory filing, NDTV stated that RRPRH has issued equity 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 have been issued in agreement with the Conversion Notice dated August 23, 2022, after the two-year ban imposed on NDTV’s Radhika and Prannoy Roy by the Securities & Exchange Board of India (SEBI) in the matter of dealing in securities, expired on November 26, 2022, RRPRH said in a disclosure to the stock exchanges.
In August, Adani Enterprises had stated that it will indirectly own 29.18% in NDTV, buying out RRPRH, the company floated by promoters Radhika Roy and Prannoy Roy. In a BSE listing, Adani Enterprises had stated that VCPL, an indirect subsidiary of Adani Enterprises, will take over RRPR.
TNM had earlier reported that with the takeover of their shares, it will result in the Adani company getting voting rights in excess of 25% of NDTV. AMG Media Network Limited (AMNL), a subsidiary of Adani Enterprises, had said that they 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 for acquiring up to 16,762,530 fully paid up equity shares of the face value of Rs 4 each representing 26% of the voting share capital of NDTV in accordance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, a report in Bestmediainfo said.
Upon closing of the open offer on December 5, Adani’s will own more than 55% stake in NDTV.