News broadcaster NDTV has disclosed that Adani Group firm Vishvapradhan Commercial Private Limited (VCPL) has acquired 8.27% of stake in the company in the recently concluded open offer.
The total shareholding of Adani has increased to 37.45% with the closure of the open offer. The open offer was triggered after VCPL acquired a 99.5% stake in RRPR Holding Private Limited (RRPR) which translated to 29.18% of the shareholding in the TV news company
Prannoy Roy and Radhika Roy hold 15.94% and 16.32% stake, respectively. The promoters’/promoter group’s shareholding stands at 69.71%.
“The company has received a disclosure dated December 17, 2022 filed by Vishvapradhan Commercial Private Limited (VCPL) in compliance with Regulation 29(1) read with Regulation 29(3) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, informing about the acquisition of 53,30,792 equity shares i.e. 8.27% of the equity share capital of the company, in the Open Offer,” NDTV said in a regulatory filing.
Adani Group’s mandatory open offer to buy an additional 26% stake from NDTV’s public shareholders comes after the conglomerate purchased VCPL in August, which had lent ₹403.8 crore to RRPR Holding, the promoter group company of NDTV. This entity holds a 29.18% stake in NDTV.
RRPR had issued warrants to VCPL that allowed it to convert the warrants into a 99.9% stake in RRPR in case the loan was not paid back. VCPL, now a wholly owned subsidiary of Adani firm AMG Media Networks, has exercised warrants to buy a 99.5% stake in RRPR Holdings.
The exchange filing on November 29 said that RRPR has approved the appointment of Sudipta Bhattacharya, Senthil Sinniah Chengalvarayan and Sanjay Pugalia as directors on its board.
On November 28, NDTV’s promoter group vehicle RRPR Holding told exchanges it has issued shares on the same day constituting 99.5% of its equity capital to Vishvapradhan Commercial.
“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,” NDTV’s notice to the exchanges said.
