New Delhi, August 25: Country’s veteran businessman Gautam Adani’s Adani Group has got screwed in 29.18 percent stake in NDTV. In fact, the approval of market regulator Securities and Exchange Board of India (SEBI) is required for Adani Group firm Vishwapradhan Commercial Private Limited (VCPL) to acquire a stake in RRPR Limited, the promoter arm of New Delhi Television Limited Company (NDTV).
NDTV has given this information in a regulatory filing on Thursday. In the information given to the stock exchange, the company said that RRPR Limited, the promoter arm of NDTV, will be able to acquire Adani Group’s Vishwapradhan Commercial Private Limited against its dues only if it gets SEBI approval. Actually, this acquisition is to be done in lieu of a loan given without interest to VCPL of Adani Group, and RRPL of NDTV.
According to NDTV, SEBI on November 27, 2020, barred the founding promoters Prannoy Roy and Radhika Roy from entering the securities market. Along with this, the purchase, sale and other transactions of securities, directly or indirectly, were prohibited for the next two years. NDTV reported that this ban ends on November 26, 2022.
In fact, the Adani Group had announced two days ago that it would buy a 29.18 per cent stake in NDTV and would make an open offer for an additional 26 per cent stake. However, the promoters of NDTV have claimed that earlier they were unaware of this acquisition by the Adani Group, which happened without their consent and without any discussion.
It is noteworthy that Prannoy Roy and Radhika Roy, the founding promoters of NDTV, had taken a loan of about Rs 400 crore in 2009. On this loan, the Adani Group has announced to buy a 29.18 percent stake in this media house. Along with this, the group had also said to bring an open offer of Rs 493 crore at the rate of Rs 294 per share for a 26 per cent stake in this media house, after which its total stake could be 55 per cent.
