Business
Adani Group Gets SEBI Nod For Open Offer To Buy Additional 26 Per Cent Stake In NDTV
Gautam Adani, chairman of Adani Group (@gautam_adani/Twitter)
Market regulator Security and Exchange Board of India (SEBI) has approved the open offer by Adani Group to buy an additional 26 per cent stake in NDTV.
The Security and Exchange Board of India (SEBI) approved Adani Group’s open offer, Livemint cited a statement on SEBI's website.
The SEBI Nod will enable Adani to buy more equity from the media company's minority shareholders.
Adani group’s initially planned to launch its open offer last month, but the plan was delayed as it awaited Sebi's approval.
The billionaire’s ports-to-power conglomerate triggered a hostile takeover bid for the broadcaster in August after it acquired an indirect 29.18 per cent stake in August.
Vishvapradhan Commercial Private Limited (VCPL), a newly acquired wholly owned subsidiary of Adani Group's AMG Media Networks Limited (AMNL), had loaned Rs 403.85 crore to NDTV promoter company RRPR Holding Pvt Ltd in 2009 and 2010.
RRPR Holding, which was a promoter group entity and then held only 7.56 per cent stake in NDTV, took the loan on behalf of NDTV from VCPL in two tranches (Rs 350 crore in July 2009 and another Rs 53 crore in January 2010).
RRPR Holding was owned by NDTV founder Pranav Roy and Radhika Roy.
Against this interest-free loan, RRPR issued warrants to VCPL entitling it to convert them into a 99.9 per cent stake in RRPR.
After acquiring VCPL, Adani Group exercised the rights to acquire 99.5 per cent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.
It had also announced to launch an open offer for additional 26 per cent stake in the media company.
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