Radhika and Prannoy Roy transfer ownership of RRPRH to Adani's VCPL

NDTV’s Promoter Group vehicle RRPR Holding Private Limited (RRPRH), owned by Radhika Roy and Prannoy Roy, transferred the ownership to Adani Group on Monday.

NDTV in its regulatory filing said that RRPRH has issued equity shares on November 28, 2022, constituting 99.5% of its equity share capital to Vishvapradhan Commercial Private Limited (VCPL).

The shares have been issued in consonance with the Conversion Notice dated August 23, 2022, following the expiry of the 2 year restraint imposed by the Securities & Exchange Board of India (SEBI) in the matter of dealing 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 over Rs 400 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the newsgroup at any time.

NDTV said that SEBI has not responded to a specific letter dated August 28, 2022, behalf 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 for acquiring up to 16,762,530 fully paid up equity shares of the face value of INR 4 each representing 26% of the voting share capital of New Delhi Television Limited in accordance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (as amended).

The open offer closes on December 5.

Upon closing of the open offer, Adani’s will own more than 55% stake in NDTV.

Adani Enterprises also informed the exchange that VCPL has received a letter from RRPR Holding dated November 28, 2022, confirming to issue equity shares constituting 99.5% of its equity capital to VCPL on November 28, 2022.

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