ReportWire

Tag: NDTV

  • Prannoy Roy, Radhika Roy resign from board of NDTV promoter group RRPRH

    Prannoy Roy, Radhika Roy resign from board of NDTV promoter group RRPRH

    [ad_1]

    Prannoy Roy and Radhika Roy have resigned as the directors of the board of RRPRH, the promoter group of NDTV. In an exchange filing, NDTV informed that Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan have been appointed as directors on the board of RRPRH with immediate effect.

     This comes just a day after a promoter firm of the media major – RRPR Holding Private Limited – issued equity shares constituting 99.5 per cent of its equity share capital to Vishvapradhan Commercial Private Limited (VCPL), which has been acquired by Adani. With this, the Adani Group formally took over around 29.18 per cent stake in NDTV. 

    VCPL is a wholly owned subsidiary of AMG Media Networks, which houses the media business of the Adani Group.

    The Adani Group has acquired 29.18 per cent stake in NDTV and has launched an open offer to buy another 26 per cent stake in the media firm. Till last Friday, a total of 39.35 lakh equity shares had been tendered, representing 23.48 per cent of the maximum offer size of nearly 1.68 crore equity shares. 

    The open offer, for which a price band of Rs 294 per share has been fixed, opened on November 22 and will close on December 5. 

    In August this year, Adani acquired VCPL which had lent over Rs 400 crore to NDTV’s founders in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the media firm at any time.

    In October, the Adani Group announced that it had acquired 29.18 per cent stake in NDTV and would launch an open offer for another 26 per cent from minority shareholders of the media company.

    In a regulatory filing in October, Adani Enterprises said that the decision to acquire NDTV was arrived at in furtherance of the Adani Group’s objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments and that NDTV is a suitable broadcast and digital platform to deliver on this vision.

    [ad_2]

    Source link

  • NDTV’s promoter firm transfers equity to Adani entity

    NDTV’s promoter firm transfers equity to Adani entity

    [ad_1]

    The Adani Group has formally taken over around 29.18 per cent stake in New Delhi Television Limited (NDTV) after a promoter firm of the media major – RRPR Holding Private Limited – issued equity shares to constituting 99.5 per cent of its equity share capital to Vishvapradhan Commercial Private Limited (VCPL). 

    VCPL is a wholly owned subsidiary of AMG Media Networks, which, in turn, houses the media business of the ports-to-power conglomerate. 

    “The shares have been issued in consonance with the Conversion Notice dated August 23, 2022, following the expiry of the 2 year restraint imposed by the Securities & Exchange Board of India (SEBI) in the matter of dealing in securities, on November 26, 2022,” stated the stock exchange announcement. 

    “SEBI has not responded to a specific letter dated August 28, 2022, behalf the Promoter Group vehicle seeking clarification, but has since approved the Letter of Offer (dated November 11, 2022) by VCPL (Acquirer) along with AMG Media Networks Limited and Adani Enterprises Limited for acquiring up to 16,762,530 fully paid up equity shares of the face value of INR 4 each representing 26.00% of the voting share capital of New Delhi Television Limited…,” it added. 

    Interestingly, the latest development puts an end to a matter that saw both parties – NDTV and Adani Group — exchange a series of communication to support their side of the argument. 

    While the media major opposed the transfer of equity shares citing earlier orders by regulatory and enforcement bodies like Sebi and the Income Tax department, the business conglomerate was of the view that none of the earlier restraining orders stopped the media company from issuing the shares to its subsidiary firm. 

    The roots of the deal go back to July 2009 when, as part of a loan agreement, Vishvapradhan Commercial acquired warrants that gave the acquirer the right to exercise the warrants and convert those into equity shares to acquire 99.5 per cent stake in RRPR Holding. 

    Interestingly, the founder couple of NDTV — Prannoy Roy and wife Radhika Roy — still holds 32.3 per cent in the company. Prannoy directly holds 15.94 per cent while wife Radhika has a 16.32 per cent stake, as per the shareholding information available with the stock exchanges. 

    Meanwhile, the Adani Group has further acquired nearly 39.35 lakh equity shares of NDTV till Monday through the open offer that will close on December 5.

    ALSO READ: Takeover of NDTV a ‘responsibility’, says India’s richest man Adani

    [ad_2]

    Source link

  • Sebi approves Adani Group’s open offer for 26% stake in NDTV

    Sebi approves Adani Group’s open offer for 26% stake in NDTV

    [ad_1]

    Markets regulator Sebi has approved Adani Group’s open offer to buy an additional 26 per cent stake in media firm New Delhi Television (NDTV) and the offer will commence on November 22.

    According to an update on Sebi’s website on Monday, the regulator gave its final comments on the proposed Rs 492.81 crore-open offer on November 7.

    The offer will tentatively open on November 22 and close on December 5. The price fixed is Rs 294 per share, as per a recent regulatory filing by NDTV.

    The conglomerate, run by India’s richest man Gautam Adani, in August acquired a little-known company that lent over Rs 400 crore to NDTV’s founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the newsgroup at any time.

    Post that, Vishvapradhan Commercial Pvt Ltd (VCPL) – the firm that Adani group bought out – announced that it would launch an open offer on October 17 to buy an additional 26 per cent stake from minority shareholders of NDTV. However, the offer was delayed since Sebi had not given its approval to the open offer.

    VCPL along with AMG Media Networks and Adani Enterprises Ltd had proposed to acquire an additional 26 per cent or 1.67 crore equity shares at an offer price of Rs 294 per share.

    If fully subscribed, the open offer will amount to Rs 492.81 crore at a price of Rs 294 per share.

    “The decision to acquire NDTV was arrived at in furtherance of the Adani Group’s objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision,” Adani Enterprises said in a regulatory filing in October.

    On Monday, shares of NDTV closed 1.99 per cent higher at Rs 365.85 on BSE and Rs 364.50 on NSE.

    [ad_2]

    Source link

  • NDTV takeover: Adani Group to launch open offer on November 22

    NDTV takeover: Adani Group to launch open offer on November 22

    [ad_1]

    Adani Group has announced that its open offer to acquire an additional 26 per cent stake in NDTV will be open for subscription from November 22 to December 5. 

     The open offer for acquiring 1.67 crore equity shares with a face value of Rs 4 will tentatively close on December 5, 2022, said JM Financial, which is managing the offer. The price fixed for the deal is Rs 294 per share. Earlier, the Gautam Adani-led company had said that it will launch its open offer for acquiring stake in NDTV from October 17 to November 1. 

    On the other hand, the last date for filling the post offer report with the Securities and Exchange Board of India (Sebi) has also been revised to December 26, 2022. 

    On August 23, Adani Group-backed Vishvapradhan Commercial Private Limited (VCPL) announced that that they will convert the Rs 400-crore loan given to RRPR (Radhika Roy Prannoy Roy) in 2009 into a 29 per cent stake in NDTV. It later added that it wanted to acquire additional 26 per cent of shares from the public through an open offer from October 17. As VCPL held NDTV shares, upon its acquisition, the Adani Group is now the owner of a 29 per cent stake in NDTV. 

    In 2009, VCPL and the Roys had agreed to a loan agreement, via which the media house borrowed Rs 403 crore without interest for 10 years by pledging their 29 per cent stake in NDTV. As the Roys could not pay back the loan, Adani Group after its takeover of VCPL opened the clauses in the loan agreement, whereby they could own a huge chunk of NDTV shares. 

    Also read: NDTV takeover: Adani Enterprises writes to SEBI, says committed to open offer

    Days after the announcement, NDTV’s founder promoters — Radhika Roy and Prannoy Roy — argued that the deal cannot go ahead without Sebi’s nod.  

    As per details, Sebi restrained NDTV founders in an order passed on November 27, 2020 from the securities market for two years and that period ends on November 26 this year. 

    NDTV founders had said as restrictions are in order, hence prior written approval from Sebi was required for Vishvapradhan Commercial Private Limited (VCPL) for the exercise of the conversion option on the warrants. 

    On this, RRPR Holding Ltd and Adani group moved Sebi, seeking clarity on the applicability of the regulator’s earlier order regarding the conversion of warrants into shares. 

    Adani group had rejected NDTV’s claim saying that promoter entity RRPR Holding is not a part of the regulator’s order that restrained Prannoy and Radhika Roy from accessing the securities market. 

    The Adani Group first took over VCPL from its owner and exercised the option to convert unpaid debt into a 29.18 per cent stake in the news channel company. The promoters of NDTV had claimed that they were completely unaware of the takeover. 
     

    [ad_2]

    Source link

  • NDTV takeover: Adani Enterprises writes to SEBI, says committed to open offer

    NDTV takeover: Adani Enterprises writes to SEBI, says committed to open offer

    [ad_1]

    The Adani Group has written to the market regulator Securities and Exchange Board of India (SEBI) saying that it is committed to its vision and intends to proceed with the open offer to buy an additional 26 per cent stake in New Delhi Television (NDTV) Limited. In a stock exchange filing, Adani Enterprises has said that VCPL has urged SEBI “to provide its observations on the Draft Letter of Offer filed in relation to the Open Offer, in accordance with the SEBI (SAST) Regulations.” 

    Also read: What is delaying Adani Group open offer for NDTV?

    On August 23, Adani Group-backed Vishvapradhan Commercial Private Limited (VCPL) announced that that they will convert the Rs 400-crore loan given to RRPR (Radhika Roy Prannoy Roy) in 2009 into a 29 per cent stake in NDTV. It later added that it wanted to acquire additional 26 per cent shares from the public through an open offer from October 17. As VCPL held NDTV shares, upon its acquisition, the Adani Group is now the owner of 29 per cent stake in NDTV. 

    In 2009, VCPL and the Roys had agreed to a loan agreement, via which the media house borrowed Rs 403 crore without interest for 10 years by pledging their 29 per cent stake in NDTV. As the Roys could not pay back the loan, Adani Group after its takeover of VCPL opened the clauses in the loan agreement, whereby they could own a huge chunk of NDTV shares. 

    The open offer was supposed to launch on October 17, as per the advertisement by JM Financial, the firm which is managing it on behalf of Adani. However, the open offer was not launched on the said date.

    Also read: SEBI approaches Supreme Court against NDTV, Roys over July 2022 SAT order

    “While the Underlying Transaction has not been consummated due to the stance being taken by RRPR (the promoter of NDTV), VCPL is committed to its vision and intends to proceed with the open offer in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 (SEBI (SAST) Regulations), which require that the Open Offer be completed regardless of whether the Underlying Transaction has been consummated,” the Adani Enterprises has now said in its letter to SEBI.

    Also, JM Financial has urged SEBI to ‘provide its observations’ on the draft letter of offer filed in connection with the Open Offer in accordance with SEBI (SAST) regulations. 

    The filing said JM Financial addressed the letter to SEBI on October 19, 2022, on behalf of VCPL. The open offer would tentatively close on November 1, JM Financial, the firm which was managing the offer, had informed earlier. 

    [ad_2]

    Source link