Adani Group’s VCPL acquires 8.27% stake in NDTV through open offer

Adani Group's Vishvapradhan Commercial acquired bought 53.3 lakh shares of NDTV at a price of 294 per share

Livemint
Updated20 Dec 2022, 10:45 AM IST
Adani Group's Vishvapradhan Commercial Private limited acquired 8.27% of share of NDTV through open offer
Adani Group’s Vishvapradhan Commercial Private limited acquired 8.27% of share of NDTV through open offer(REUTERS)

Adani Group's Vishvapradhan Commercial Private limited on Tuesday, announced the acquisition of 8.27% stake of Indian TV news channel, NDTV, through an open offer. Under the acquisition, it bought 5,330,792 shares with face value of 4 each at a price of 294 per share. 

“…acquisition of 5,330,792 (8.27%) equity shares having face value of 4 each at a price of 294 per share of New Delhi Television Limited (Target Company) pursuant to an open offer under the SEBI (SAST) Regulations by Vishvapradhan Commercial Private limited (Acquirer),” said a stock exchange filing.

Till now, Adani group owned 29.18 per cent of share of the company through its subsidiary RRPR Holding Private Limited. With the acquisition of 8.27% of the shares by VCPL, Adani owns a total of 37.45% of the shares in the company. Post acquisition, company share ownership of Dr. Prannoy Roy and wife Radhika Roy got reduced to 15.94% and 16.32%. With this acquisition, Adani becomes the largest shareholder in NDTV by surpassing Roys, who collectively hold around 32.26% of the shares.

Last month, Gautam Adani Group launched an open offer, which lasted till 5 December, for an additional 26% stake in NDTV. The offer was extended after the takeover of NDTV’s promoter firm, RRPR Holding Private Limited by VCPL.

Sudipta Bhattacharya, Sanjay Pugalia and, Senthil Sinniah Chengalvarayan have been appointed as the Board of Directors of VCPL.

By being the largest shareholder of NDTV,  Adani group can seek control of the board by reconstituting it. They are also able to propose their own set of directors and remove the current directors, said Shriram Subramanian, managing director of Bengaluru-based InGovern Research Services.

The take over of the new channel by the conglomerate was criticised heavily by some journalists. However, industrialist Gautam Adani said that he sees the takeover of the NDTV as a ‘responsibility' more than a business opportunity. He had also invited Prannoy Roy be the chairperson of the company when the acquisition is completed, reported Reuters. 

 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess

News in Numbers

Numbers that help you understand news better
₹295 Cr

$23 B

$65 M

3.36%

$65.47 B

$2.5 M

₹80 Cr

1.4%

₹773 Cr

₹2,705 Cr

₹1 Cr

₹14,370 Cr

₹5.74 T

First Published:20 Dec 2022, 10:45 AM IST
HomeMarketsStock MarketsAdani Group’s VCPL acquires 8.27% stake in NDTV through open offer

Most Active Stocks

Oil & Natural Gas Corporation

324.70
09:07 AM | 16 JUL 2024
2.15 (0.67%)

Tata Steel

168.00
09:07 AM | 16 JUL 2024
1.2 (0.72%)

Ashok Leyland

230.75
09:07 AM | 16 JUL 2024
2.6 (1.14%)

Bharat Electronics

333.85
09:07 AM | 16 JUL 2024
2.6 (0.78%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Indian Overseas Bank

68.33
03:41 PM | 15 JUL 2024
4.68 (7.35%)

M M T C

94.92
03:40 PM | 15 JUL 2024
6.31 (7.12%)

NLC India

297.75
03:57 PM | 15 JUL 2024
18.6 (6.66%)

IDBI Bank

91.54
03:58 PM | 15 JUL 2024
5.6 (6.52%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,318.00-453.00
    Chennai
    74,755.00928.00
    Delhi
    75,266.001,294.00
    Kolkata
    75,047.001,002.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.01
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts