New Delhi Television Ltd (NDTV) on Tuesday issued a statement saying that there was no consent from its founders for the exercise of rights by Vishvapradhan Commercial Pvt Ltd (VCPL) to acquire 99.50 percent control of RRPR Holding Pvt Ltd (RRPRH), the promoter company that holds 29.18 percent stake in the media group.
“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. VCPL has exercised its rights based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10,” the statement said.
This comes after theAdani Group’s declaration on Tuesday that it would purchase a 29.18 percent stake in New Delhi Television Ltd (NDTV), and made an open offer to acquire another 26 percent of the shares in the media giant.
Adani entities made Rs 493-crore open offer for a 26% stake in NDTV at Rs 294 per share. The company’s shares closed 5 percent higher on Tuesday at Rs 376.55 per unit.
AMNL, wholly-owned subsidiary of Adani Enterprises Limited (AEL), houses the media business of the Adani Group.
“AMNL’s wholly owned subsidiary VCPL holds warrants of RRPR Holding Private Limited [RRPR] entitling it to convert them into 99.99% stake in RRPR. VCPL has exercised warrants to acquire 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR,” the company’s statement said.
“RRPR is a promoter group company of NDTV [NDTV, BSE: 532529] and holds 29.18% stake in NDTV. VCPL, along with AMNL & AEL [persons acting in concert], will launch an open offer to acquire up to 26% stake in NDTV, in compliance with the requirements of the SEBI’s [Substantial Acquisition of Shares and Takeovers] Regulations, 2011,” the statement 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 from NDTV further said.
“NDTV has never compromised on the heart of its operations – its journalism. We continue to proudly stand by that journalism,” the media group remarked.
Adani Group’s unit AMG Media Networks in May also had announced the purchase of a 49 percent stake in Raghav Bahl-run digital business news platform Quintillion Business Media for an undisclosed sum.
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