Richest Indian Gautam Adani’s conglomerate on Tuesday said it will buy a majority stake in New Delhi Television Ltd, one of the country’s most popular news channels, as it seeks to boost media investment as part of an ambitious expansion plan. .
Meanwhile, NDTV issued a statement and said, “Without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, a notice has been served to them by Vishwapradhan Commercial Private Limited (VCPL), stating that It is (VCPL). RRPR Holding Private Limited (RRPRH), a promoter-owned company which owns 29.18% of NDTV, has exercised its rights to acquire 99.50% control.”
A notice has been served to them by Vishwapradhan Commercial Private Limited (VCPL), without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, stating that it (VCPL) has taken control of 99.50 per cent of RRPR. have exercised their rights. Holding Private Limited (RRPRH), a promoter-owned company that owns 29.18% of NDTV.
VCPL’s notice is based on the loan agreement entered into with Radhika and Prannoy Roy, the founders of NDTV, 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 a total of 1.99 crore has been transferred to RRPRH.
The Founders and Company of NDTV would like to clarify that this exercise of rights by VCPL was performed without any input, negotiation or consent from the Founders of NDTV, who, like NDTV, have been made aware of this exercise of rights. Just today. As recently as yesterday, NDTV had informed the stock exchanges that there is no change in the shareholding of its founders.
RRPRH, which holds 29.18% stake in NDTV, has been asked to transfer all its equity shares to VCPL within two days.
The company has also received a copy of the public announcement by VCPL dated August 23, 2022 to acquire up to 26% of the voting share capital of NDTV at Rs 294 per share (up to 16,762,530 fully paid-up equity shares). In accordance with the requirements of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Acquisitions) Regulations, 2011.
An Adani Group firm previously acquired a company that had been linked to rival billionaire Mukesh Ambani in the past. The particular company had given a loan of Rs 250 crore to NDTV in 2008-09 and the Adani Group firm has now exercised the option of converting that loan into a 29.18 per cent stake in the news channel company.
Thereafter, the group has initiated an open offer for another 26 per cent stake, the group said in a statement.