Adani acquisition move - Stake acquired without consent: NDTV

Without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, Radhika and Prannoy Roy, a notice has been served upon them by Vishvapradhan Commercial Private Limited (VCPL), stating that it (VCPL) has exercised its rights to acquire 99.50% control of RRPR Holding Private Limited (RRPRH), the promoter-owned company that owns 29.18% of NDTV. This was stated by the NDTV management in its filings to the BSE and NSE.

RRPRH, which owns 29.18% of NDTV, has been told to transfer within two days all its equity shares to VCPL.

The statement added that the notice from VCPL is based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10. The notice states that VCPL has 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.

The NDTV statement further 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. A copy of that disclosure is attached.”

The company has also received a copy of the Public Announcement by VCPL dated August 23, 2022 of an open offer for acquiring 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) per in the requirements of the Securities and Exchange Board of lndia (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.