New Delhi: The acquisition of New Delhi Television Limited (NDTV) by the Adani Group has taken a new turn. According to the information received, Adani Group has received a letter from NDTV, which states that Adani Group cannot acquire a 99.5% stake in RRPR Holding Private Limited. The reason behind this has been told that the owners of the company Radhika and Prannoy Roy have been banned by the Market Regulator of India (SEBI) from engaging in any securities transactions.
After claiming to indirectly buy a 29.18% stake in the broadcasting business by converting warrants held in RRPR Holding against a loan of Rs 4 billion, the Adani Group on Tuesday made an open offer to buy up to 26% of NDTV’s shares. was issued. As of June 30, promoters’ shares in NDTV were 61.45%, of which RRPR held 29.18%, and Prannoy Roy and Radhika Roy individually held around 32%.
Now, this matter is getting complicated. In fact, the approval of market regulator SEBI is necessary for Adani Group firm Vishwapradhan Commercial Private Limited (VCPL) to acquire a stake in RRPR Limited, the promoter arm of NDTV. NDTV has said this in a regulatory filing.
SEBI had banned Prannoy and Radhika Roy
This acquisition is to be done in lieu of an interest-free loan given by VCPL to RRPL. In a regulatory filing, NDTV said, “Securities and Exchange Board of India (SEBI) on November 27, 2020, barred the Founder-Promoters Prannoy and Radhika Roy from any kind of involvement in the securities market and for a period of two years, either directly or indirectly prohibited the purchase, sale or other transactions of securities. ,
The ban is ending on 26 November 2022.
NDTV said that this ban is ending on 26 November 2022. “Until the pending appeal proceedings are successfully completed, SEBI approval is required for the proposed acquirer to acquire 99.5 percent interests of the promoter group,” the company told the stock exchange.
Adani Group had announced to take a 29.18 percent stake
Adani Group on Tuesday said it has acquired a 29.18 percent stake in NDTV and will initiate an open offer to buy an additional 26 percent stake.
