News broadcaster NDTV revealed on December 19 that Adani Group entity Vishvapradhan Commercial Private Limited (VCPL) had bought 8.27% of shares in the company in the recently closed open offer.
The open offer was triggered when VCPL acquired 99.5% of RRPR Holding Private Limited (RRPR). RRPR owns 29.18% of the TV news company’s stock.
Prannoy Roy currently owns 15.94% of the firm, while Radhika Roy owns 16.32%. The promoter/promoter group owns 69.71% of the company.
Following the purchase of VCPL by Adani Group in August, the conglomerate declared an open offer to buy an additional 26 percent stake in NDTV from its public shareholders.
In the case that the loan was not returned, RRPR gave warrants to VCPL, allowing it to convert the warrants into a 99.9% ownership stake in RRPR. As a result of the execution of warrants, VCPL now owns 99.5 percent of RRPR Holdings.
RRPR’s board of directors has been expanded to include Sudipta Bhattacharya, Senthil Sinniah Chengalvarayan, and Sanjay Pugalia.
On November 28, NDTV’s promoter group vehicle, RRPR Holding, informed exchanges that it had given shares to Vishvapradhan Commercial, accounting for 99.5% of its equity capital.
“The shares have been issued in consonance with the Conversion Notice dated August 23, 2022, following the expiry of the 2-year restraint imposed by the Securities & Exchange Board of India (SEBI) in the matter of dealing in securities, on November 26, 2022,” NDTV’s notice to the exchanges added.
