Prior to now, NDTV had already informed the stock exchanges that RRPR Holdings Ltd, which owns 29.18% of the broadcaster, had been instructed to transfer all of its equity shares to VCPL within two days.
In a previous statement, NDTV said that RRPR Holdings Ltd, which owns 29.18% of the broadcaster, had been instructed to transfer all of its equity shares to VCPL within two days.
On August 23, Adani Group made an open offer to acquire an additional 26% of NDTV’s shares and RRPR’s shareholding in the company through VCPL. Additionally, Adani Enterprises announced that it has purchased VCPL through its subsidiary AMG Media Networks Limited for a sum of Rs 113.75 crore. Additionally, VCPL declared that it had used its entitlement to purchase “99.5% of the equity shares of RRPR Holding Pvt Ltd.”
According to NDTV’s regulatory filing, in accordance with SEBI’s ruling dated November 27, 2020, Vishwapradhan Commercial Private Limited (VCPL) needs prior approval from SEBI in order to obtain the share jointly managed by Dr. Prannoy Roy and Radhika Roy under the “RRPR.”
The promoter-owned business RRPR holds a 29.18% interest in NDTV. In order for VCPL to maintain its 99.5% ownership of RRPR and acquire voting rights for the 29.18% of NDTV’s issued share capital that RRPR holds, SEBI permission is required.
Hours after this acquisition became public, NDTV said that VCPL exercised the right to acquire 99.50 percent control of RRPR Holdings without any discussions with NDTV or founder-promoters – Dr. Prannoy Roy and Radhika Roy.
NDTV stated in an exchange filing, “The notice from VCPL is based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10. The notice states that VCPL has exercised its option to convert 19,90,000 warrants into equity shares of RRPRH at Rs 10 per share and that total of Rs 1.99 crore has been transferred to RRPRH. The NDTV founders and the company would like to make it clear that this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today.”
The company further noted that it also “received a copy of the Public Announcement by VCPL dated August 23, 2022, of an open offer for acquiring up to 26 percent of the Voting Share Capital of NDTV at Rs 294 per share (up to 16,762,530 fully paid-up equity shares) per in the requirements of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.”
In the meantime, NDTV shares are up 4.99 percent to settle at 403.70 on the BSE at the hour of composing this story.
