Guwahati: The Adani Group announced on Tuesday that one of its subsidiaries will indirectly purchase a 29.18% share in the television business NDTV. NDTV said that the acquisition had not been the result of “discussion” or “permission” and that its founders had only learned of the news on Tuesday.
“Without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, Radhika and Prannoy Roy, a notice was served upon them by Vishvapradhan Commercial Private Limited (VCPL) stating that it (VCPL) has acquired control of RRPR Holding Private Limited (RRPRH). This entity owns 29.18% of NDTV. It has been given two days to transfer all its equity shares to VCPL,” the statement said.
VCPL has exercised its rights based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10, it added.
“The NDTV founders and the Company would like to make it clear that this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today. As recently as yesterday, NDTV had informed the stock exchanges that there was no change in the shareholding of its founders,” the statement said.
NDTV has “never compromised” on the heart of its operations – its journalism. “We continue to proudly stand by that journalism”, it added.
A subsidiary of the Adani Group also announced that it would launch an open bid to buy a further 26% of the shares.
A 100% subsidiary of Adani Enterprises Limited (AEL) and a wholly owned subsidiary of AMG Media Networks Limited (AMNL), Vishvapradhan Commercial Private Limited (VCPL) has exercised its option to purchase 99.5% of the equity shares of RRPR Holding Private Limited, a promoter group entity of NDTV.
As per SEBI’s Takeover Regulations, it would start an open offer to buy up to a 26% share in NDTV. In a press release, Adani Group stated that RRPR Holding Private Limited’s warrants are held by AMNL’s wholly-owned subsidiary VCPL, giving it the right to convert the warrants into a 99.99 percent stake in RRPR.