Prannoy Roy and Radhika Roy didn't even notice, how did Adani Group take over NDTV? Read
Adani Group Buys NDTV: NDTV said that there was no discussion or consent of its founders Prannoy Roy and Radhika Roy regarding the acquisition of Adani Group. . Both of them have 32.26 percent stake in NDTV.
Adani Group New Delhi Television Ltd. (NDTV) has bought 29% stake. Gautam Adani’s group said that it will also launch an open offer to buy more 26% stake. However, in a notice sent to the Securities and Exchange Board (SEBI), NDTV said that it was not informed about the acquisition. NDTV claimed that there was neither any discussion nor consent was taken with its founders – Prannoy Roy and Radhika Roy. The Roy couple holds 32.26 per cent stake in NDTV. NDTV said in a statement that “they, individually and through their company RRPR Holding Pvt Ltd, continue to hold 61.45 per cent of the total paid-up share capital of NDTV.” In May this year, Adani Group had announced to buy 49% stake in BloombergQuint.
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How did Adani Group buy NDTV?
Adani Enterprises Ltd. The subsidiary of AMG Media Networks on Tuesday acquired Vishwapradhan Commercial Private Limited (VCPL). In 2009 and 2010, VCPL acquired RRPR Holding Pvt Ltd, the promoter company of NDTV. 403.85 crore loan to RRPR Holding was owned by the Roy couple. In lieu of this interest-free loan, RRPR issued warrants to VCPL. Through these warrants, VCPL could take 99.9 per cent stake in the RRPR. Adani Group has exercised these warrants after buying VCPL.
- Adani Group is going to buy 29.18% stake in NDTV, will bring open offer
NDTV said on Tuesday that VCPL sent the notice without talking to the company or its founder-promoters. In which it said that VCPL has exercised the right to acquire 99.50% stake in RRPR. RRPR holds 29.18% stake in NDTV. Interestingly, VCPL had taken money from Reliance Strategic Venture, a subsidiary of Mukesh Ambani’s Reliance Industries Limited (RIL), to lend to RRPR.
Adani Group to buy 26% stake in NDTV
After the acquisition of VCPL for Rs 11.75 crore, the Adani Group announced to buy another 26 per cent stake in NDTV. An open offer will be launched for this. Adani Group is offering Rs 294 per share. On Tuesday, the stock of NDTV closed at Rs 366.20 on the BSE, which is 2.6 percent higher than the previous day.
