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Adani Group gains 99.5% shares of NDTV promoter firm RRPR Holding

With the transfer of shares, Adani Group will now have 29.18% stake in the network

by exchange4media Staff
Published - Nov 29, 2022 8:13 AM  |  1 min read

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NDTV on Monday said that its promoter firm RRPR Holding Private Limited has transferred 99.5% of its equity to Adani-owned Vishvapradhan Commercial Vishvapradhan Commercial private limited (VCPL). The move makes Adani Group's takeover of the media firm more imminent.

With the transfer of equity, Adani Group will now have a 29.18% stake in NDTV. Adani has also presented an open offer between November 22 and December 5 for an additional 26% stake in the company. 

According to exchange data, the open offer drew bids for 5.3 million shares, which is around 32% of the 16.7 million shares on offer.

VCPL, AMG Media Networks and Adani Enterprises Ltd had also proposed to acquire 1.67 crore equity shares at an offer price of Rs 294 per share.

Back in August, Adani Group revealed plans to acquire a majority stake in the network. A decade ago, NDTV founders Pranoy and Radhika Roy had taken a loan of Rs 4 billion from AMG Media Networks Limited, a company acquired by Adani.

As an offer, the media company issued warrants that allowed the group to claim a 29.1% stake in the newsgroup.

Back in August, NDTV tried to block the transfer of shares, stating that its founders have been barred from buying or selling shares in India's securities market and hence cannot transfer shares that Adani Group was trying to acquire.

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