Adani-Owned Vishvapradhan Commercial Now Controls NDTV Promoter Entity RRPR Holding
Adani Group-owned Vishvapradhan Commercial Pvt. Ltd. now controls New Delhi Television Ltd.'s promoter group entity RRPR Holding Ltd.
RRPR Holding issued equity shares constituting 99.5% of its equity share capital to Vishvapradhan Commercial on Nov. 28, according to an NDTV exchange filing.
"The shares have been issued in consonance with the Conversion Notice dated August 23, 2022, following the expiry of the two year restraint imposed by the Securities & Exchange Board of India in the matter of dealing in securities, on November 26, 2022," the filing said.
It added that SEBI has not responded to its specific letter seeking clarification but has since approved the Letter of Offer by VCPL along with AMG Media Networks Ltd. and Adani Enterprises Ltd.
In a separate exchange filing, Adani Enterprises Ltd. that VCPL has received a letter from RRPR Holding confirming issue of equity shares constituting 99.5% stake.
Adani Group had acquired Vishvapradhan Commercial and sought conversion of warrants issued by NDTV's promoters into equity.
Adani entities have also made an open offer to acquire 26% share capital of NDTV and that will end on Dec. 5. About 1.6 crore shares are offered at Rs 294 apiece.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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