CorporateNDTV said, 'VCPL acquired 29.18% stake using warrant without taking consent from...

NDTV said, ‘VCPL acquired 29.18% stake using warrant without taking consent from the founders’

"These rights or 'warrants' have been exercised without the knowledge, negotiation or consent of the founders of NDTV," NDTV said in a communication to the stock exchanges.

NDTV-Adani Deal: Indian news media company NDTV (New Delhi Television Limited) said in a statement issued on Tuesday 23 August that ‘Vishvapradhan Commercial Private Limited (VCPL) has exercised the ‘warrant’ to RRPR Holding Private Limited (RRPRH). 99.50 stake and there was no consent of its founders in this process.

Let us inform that RRPRH held 29.18 per cent stake in NDTV. With the acquisition of RRPRH, this 29.18 per cent stake in NDTV went to Vishwapradhan Commercial Private Limited (VCPL), a company affiliated to the Adani Group. In this way, the Adani Group now has 29.18 percent stake in NDTV.

“These rights or ‘warrants’ have been exercised without the knowledge, negotiation or consent of the founders of NDTV,” NDTV said in a communication to the stock exchanges. NDTV’s statement comes hours after AMG Network Ltd, the media arm of Adani Group, said that its subsidiary Vishwapradhan Commercial Private Limited (VCPL) will acquire 29.18 per cent stake in NDTV. and will bring an open offer for 26% stake.

“VPCL has exercised the warrant to acquire 99.5 per cent stake in RRPR Holding Pvt Ltd (RRPRH),” AMG Network Ltd said in a statement. The company further said,”This deal will make it mandatory to make an open offer to buy another 26 per cent stake in NDTV.” After this, three companies of the Adani Group made an open offer of about Rs 493 crore to buy an additional 26 percent stake in NDTV. If this open offer becomes successful, the total stake of Adani Group in NDTV will exceed 55 per cent. Also, she will become a majority shareholder of NDTV.

NDTV said in the information sent to the stock exchanges that VPCL had entered into a loan agreement with the founders of NDTV – Radhika and Prannoy Roy in the year 2009-19 and this notice has been sent on the basis of this.”The notice states that VCPL has exercised its right to convert 19,90,000 warrants into equity shares of RRPRH at Rs 10 per share, and a total of Rs 1.99 crore has been transferred to RRPRH,”the company said.

NDTV further claimed that its founders were informed about the use of these warrants today itself. This is the reason why the company had told in the information sent to the stock exchanges till a day earlier i.e. on 22nd August that there has been no change in its shareholdings.

On the open offer brought by VCPL, NDTV said that a copy of the public announcement in this regard has been received today i.e. Tuesday 23 August, in which ‘open offer to acquire up to 26 per cent of its shares at the rate of Rs 294 per share. Is.’ Let us tell you that NDTV founders Prannoy Roy and Radhika Roy together hold 32.26 percent stake in the company.

Shares of NDTV closed at Rs 366.20, up 2.61% on the BSE on Tuesday. The company’s shares have gained over 300 per cent so far this year. However, the open offer of Rs 294 per share placed by the Adani Group is 19.71 per cent lower than the current share price of the company.a

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