News Broadcaster New Delhi Television Ltd (NDTV) promoter firm RRPR Holding announced that it has transferred shares constituting 99.5 percent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL). The transfer of shares will give Adani Group control over a 29.18 percent stake in NDTV. They are also open to offer for another 26 percent stake in the media film.
NDTV Promoter Firm RRPR Holding Transfers 99.5% Shares to Adani’s VCPL- Key Points
- Gautam Adani, Chairman of the Adani Group has said that the NDTV purchase was a responsibility rather than a business opportunity.
- SEBI has not responded to a specific letter, on behalf of the promoter group vehicle seeking clarification.
- On 23rd August VCPL informed that it has exercised the rights to acquire an indirect stake of 29.18 percent in NDTV.
- This move has triggered an open offer for acquiring an additional 26 percent stake in NDTV from its shareholders.
- RRPR Holding had been asked to transfer its share to the acquirer, VCPL in two days.
- NDTV had said that VCPL has served notice on the broadcast based on a loan agreement it had entered into with its founders in 2009-2010.
- The notice states that VCPL exercised its option to convert 1,990,000 warrants into equity shares of RRPRH at Rs 10 per share and that a total of Rs 1.99 crore has been transferred to RRPRH.