India

Exercise of rights by Adani group was executed without any consent of NDTV founders, says channel

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An Indian billionaire industrialist Gautam Shantilal Adani and NDTV founder Prannoy Roy.

New Delhi: The New Delhi Television Limited (NDTV) on Tuesday said that by Vishvapradhan Commercial Private Limited (VCPL) has issued notice to the media group stating that VCPL has exercised its rights to acquire 99.50% control of RRPR Holding Private Limited (RRPRH), the promoter-owned Company that owns 29.18% stake in NDTV.

The rights were “executed without any input from, conversation with, or consent of the NDTV founders,” the company informed.

The statement came shortly after AMG Network Ltd (AMNL), the media arm of Indian conglomerate Adani Group, said its affiliated entity VCPL would acquire a 29.18 percent stake in NDTV and would launch an open offer for another 26 percent stake.

VCPL has “exercised the right to acquire 99.5 percent of the equity shares of RRPR Holding”, and this will “trigger an open offer to acquire up to 26 percent stake in NDTV,” AMNL stated in a release.

NDTV, in its regulatory filing, said 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 19,90,000 warrants into equity shares of RRPRH at Rs 10 per share, and that a total of Rs 1.99 crores has been transferred to RRPRH,” the media company added.

NDTV further claimed that its founders were “made aware of this exercise of rights only today”, adding that as recently as August 22, the exchanges were informed that “there was no change in the shareholding of its founders”.

On VCPL’s open offer, NDTV noted that it has received a copy of the public announcement by the company, dated August 23, 2022, of an “open offer for acquiring up to 26 percent of the voting share capital at Rs. 294 per share”.

 

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