No discussion, RRPRH has been told to transfer within two days all its equity shares to VCPL: NDTV

Following the hostile takeover bid by Adani's, NDTV has come out with a statement denying any information about the transactions.

NewsDrum reported that the statement by NDTV confirms that the takeover bid by Adani's was a hostile bid.

Without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, a notice has been served upon them by Vishvapradhan Commercial Private Limited (VCPL), stating that it (VCPL) has exercised its rights to acquire 99.50% control of RRPR Holding Private Limited (RRPRH), the promoter-owned Company that owns 29.18% of NDTV, the company said.

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 ₹ 10/- per share, and that a total of 1.99 crores 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. As recently as yesterday, NDTV had informed the stock exchanges that there was no change in the shareholding of its founders.

RRPRH, which owns 29.18% of NDTV, has been told to transfer within two days all its equity shares to VCPL.

The Company has also received a copy of the Public Announcement by VCPL dated August 23, 2022 of an open offer for acquiring upto 26% of the Voting Share Capital of NDTV at ₹ 294 per share (up to 16,762,530 fully paid-up Equity Shares) per in the requirements of the Securities and Exchange Board of lndia (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. A copy of the Public Announcement received from the Acquirer is here.

NDTV on Monday had informed BSE that Radhika and Prannoy Roy are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV. They individually and through their company, RRPR Holding Private Limited, continue to hold 61.45% of the total paid-up share capital of NDTV.

The Company and its Founders are well aware of the need and obligation to inform exchanges and other regulators if there is to be any change to their holding; if that were the case, they would share any updates first with those authorities.

The Company is known for its exemplary corporate governance and has, at all times, provided all information in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and will continue to do so.

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