BackNDTV promoter firm transfers 99.5% stake to Adani-owned VCPL
The transfer of shares will give the Adani group control over a 29.18 per cent stake in NDTV.
PremiumAdani Enterprises wholly owned subsidiary Vishvapradhan Commercial Private Limited (VCPL) on Monday said that it has recived a letter from news broadcaster New Delhi Television Ltd’s (NDTV’s) promoter firm RRPR Holdin confirming it had transferred shares constituting 99.5 per cent of its equity capital to VCPL.
"We hereby inform you that VCPL has received a letter from RRPR Holding Private Limited (“RRPR") (through its lawyer) dated November 28, 2022 confirming to issue equity shares constituting 99.5% of its equity capital to VCPL on November 28, 2022," said Adani Enterprises in its regulatory filing.
The transfer of shares will give the Adani group control over a 29.18 per cent stake in NDTV. The port-to-power conglomerate is also conducting an open offer for another 26 per cent stake in the firm.
The open offer, which began on November 22, has seen shareholders tender 5.3 million shares, or 31.78 per cent of the issue size of 16.7 million shares, so far, the exchange data showed.
In August, VCPL which was acquired by Adani group, had said it had exercised rights to acquire an indirect stake of 29.18 per cent in NDTV through the conversion of warrants into an equity stake in the promoter group company RRPR Holding.
The move had triggered an open offer for acquiring an additional 26 per cent stake in NDTV from its shareholders, even as it said its founder-promoters, the Roys, had not consented to the exercise of rights, nor was any conversation or input given on the matter.
The conglomerate, helmed by Asia’s richest person Gautam Adani told the Financial Times this month that he intends to scale up NDTV to make it an international media group and has asked Roy to remain as chair.
Nearly decade ago, NDTV founders Radhika and Prannoy Roy took a 4 billion Indian rupee ($49.00 million) loan from a company that Adani acquired in August. In exchange, they issued warrants that allowed the company to acquire a 29.18 per cent stake in the news group.
On Monday, shares of NDTV were locked in a 5 per cent upper circuit on the BSE, settling at ₹406.10 apiece.
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