ndtv: Adani Group VCPL acquires 8.27% stake in open offer, NDTV reports

News presenter NDTV disclosed that Adani Group solid Vishvapradhan Commercial Prive Limited (VKPL) acquired 8.27% of the company’s shares under a recently concluded public offer.

The total shareholding of Adani increased to 37.45% after the closing of the open offer. The public offer was initiated after VCPL acquired 99.5% of the shares of RRPR Holding Private Limited (RRPR), which corresponds to 29.18% of the TV news company.

Prana Roy and Radhika Roy own 15.94% and 16.32% of the shares respectively. The share of promoters / group of promoters is 69.71%.

“The Company has received disclosure dated December 17, 2022 filed by Vishvapradhan Commercial Private Limited (VCPL) pursuant to Regulation 29(1) read in conjunction with Regulation 29(3) Securities and Exchange Board India’s Significant Share Acquisitions and Takeovers Regulations 2011, which announces the acquisition of 53,30,792 shares, i.e. 8.27% of the company’s share capital, in an open offer,” NDTV said in a statement.

Adani Group’s mandatory public offer to buy an additional 26% stake from NDTV’s public shareholders comes after the conglomerate acquired VCPL in August, which loaned £403.8 crore to RRPR Holding, NDTV’s parent company. This organization owns a 29.18% stake in NDTV.

RRPR issued warrants to VCPL which allowed it to convert the warrants into 99.9% of RRPR’s shares in the event the loan was not repaid. VCPL, which is currently a subsidiary of Adani AMG Media Networks, took advantage of orders to buy a 99.5% stake in the company. RRPR Holdings.

The November 29 exchange statement said that RRPR has approved the appointment of Sudipta Bhattacharya, Senthil Sinnia Chengalvarayan and Sanjay Pugalia as directors of its board. On November 28, NDTV promotion group RRPR Holding told exchanges that it issued shares representing 99.5% of its share capital to Vishvapradhan Commercial on the same day.

“The shares were issued pursuant to the Conversion Notice dated August 23, 2022 following the expiration of a two-year restriction imposed by the Securities and Exchange Board of India (SEBI) on securities trading on November 26. , 2022,” the NDTV notice to exchanges reads.