New Delhi Television Limited (NDTV) on Thursday informed the stock exchanges that its promoters are barred from accessing the securities market until November 26, 2022, and thus Adani Group would require the market regulator Securities and Exchange Board of India (SEBI) approval to buy a stake in the news channel company.
In a regulatory filing to the stock exchanges on Thursday, New Delhi Television Limited said “NDTV has, in the matter of the public announcement dated August 23, 2022 by Vishvapradhan Commercial Private Limited (proposed Acquirer) along with AMG Media Networks Limited (PAC 1) and Adani Enterprises Limited (PAC 2) in New Delhi Television Limited (Target Company), under the SEBI (SAST) Regulations, 2011 (as amended), of the proposed open offer notified the proposed Acquirer that: 1. In view of directions in force vide order dated November 27, 2020, of the Securities and Exchange Board of India (SEBI), restraining the Founder-Promoters Prannoy Roy and Radhika Roy from accessing the securities market, and further prohibiting buying, selling, or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner whatsoever.” This restriction is for a period of 2 years, which expires on November 26, 2022, NDTV said.
“Details in compliance with SEBI (SAST) Regulations, 2011, will be provided to VCPL,” NDTV informed the stock exchanges.
AMG Media Networks Limited (AMNL), a wholly owned subsidiary of Adani Enterprises Limited (AEL), on Tuesday made an announcement about the acquisition of 29.18 per cent stake in NDTV.
Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL), has exercised the rights to acquire 99.5 per cent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.
AMNL’s wholly owned subsidiary VCPL holds warrants of RRPR Holding Private Limited (RRPR) entitling it to convert them into 99.99 per cent stake in RRPR. VCPL has exercised warrants to acquire 99.5 per cent stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR, Adani Group said in a statement on Tuesday.
RRPR is a promoter group company of NDTV and holds 29.18 per cent stake in NDTV.
VCPL, along with AMNL & AEL (persons acting in concert), will launch an open offer to acquire up to 26 per cent stake in NDTV, in compliance with the requirements of the SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Adani Group said. (ANI)
