News Broadcaster New Delhi Television Ltd (NDTV) promoter firm RRPR Holding announced that it had transferred shares constituting 99.5 per cent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL). The transfer of shares will give Adani Group control over a 29.18 per cent stake in NDTV. They are also open to offer for another 26 per cent stake in the media film.
Key Points of NDTV Promoter Firm RRPR Holding Transfers 99.5% Shares to Adani’s VCPL
- Gautam Adani, Chairman of the Adani Group, 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 per cent in NDTV.
- This move has triggered an open offer for acquiring an additional 26 per cent 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 had 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.
