NDTV’s promoter firm RRPR Holding said on Monday that it had transferred shares constituting 99.5 per cent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL).Thus completing the official takeover of NDTV by Adani. 

The transfer of shares will give the Adani Group control over a 29.18 per cent stake in NDTV. The port-to-power conglomerate is also conducting an open offer for another 26 per cent stake in the media firm. The open offer, which began on November 22, has seen shareholders tender 5.3 million shares, or 31.78 per cent of the issue size of 16.7 million shares, so far, the exchange data showed. The open offer will close on December 5.

The transaction was done on Monday, RRPR Holding said in a disclosure to the stock exchanges, in consonance with a conversion notice, dated August 23, 2022, issued by VCPL. This follows the expiry of the two-year restraint imposed by the Securities & Exchange Board of India (SEBI) on November 26, it said.

Gautam Adani, chairman of the Adani Group, in an interview with the Financial Times, recently said the NDTV purchase was a “responsibility” rather than a “business opportunity” for him, and invited NDTV owner-founder Prannoy Roy to remain its head.

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“SEBI has not responded to a specific letter dated August 28, 2022, on behalf of 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 and Adani Enterprises for acquiring up to 16,762,530 fully paid-up equity shares of the face value of ₹4 each representing 26 per cent of the voting share capital of New Delhi Television in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,” RRPR Holding said on Monday.

On August 23, VCPL had said it had exercised rights to acquire an indirect stake of 29.18 per cent in NDTV through the conversion of warrants into an equity stake in the promoter group company, RRPR Holding.

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