Adani group set to acquire 29.18 pc stake; NDTV founder-promoters say it was done without "conversation or consent"
June 5, 2023
  • Circulation
  • Advertise
  • Careers
  • About Us
  • Contact Us
Organiser
  • ‌
  • Bharat
  • World
  • G20
  • Editorial
  • Analysis
  • Opinion
  • Sports
  • More
    • Defence
    • RSS in News
    • Azadi Ka Amrit Mahotsav
    • My States
    • Vocal4Local
    • Business
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
    • Podcast
SUBSCRIBE
No Result
View All Result
  • ‌
  • Bharat
  • World
  • G20
  • Editorial
  • Analysis
  • Opinion
  • Sports
  • More
    • Defence
    • RSS in News
    • Azadi Ka Amrit Mahotsav
    • My States
    • Vocal4Local
    • Business
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
    • Podcast
No Result
View All Result
Organiser
No Result
View All Result
  • Home
  • Bharat
  • World
  • G20
  • Editorial
  • Opinion
  • Analysis
  • Culture
  • Defence
  • RSS in News
  • My States
  • Vocal4Local
  • Subscribe
Home Business

Adani group set to acquire 29.18 pc stake; NDTV founder-promoters say it was done without “conversation or consent”

Adani Group announced that one of its subsidiaries will indirectly acquire a 29.18 per cent stake in NDTV, the founder-promoters, namely Radhika and Prannoy Roy, of the broadcasting company said that a notice was issued to them without any discussion.

WEB DESK by WEB DESK
Aug 24, 2022, 10:12 am IST
in Business
Share on FacebookShare on TwitterTelegramEmail

Ahmedabad (Gujarat) [India] Aug 23 (ANI): Broadcasting company NDTV on Tuesday said that the move by an Adani group subsidiary to acquire a 29.18 % stake in it was made without any “conversation” or “consent” and that it founders were made aware of the development only on Tuesday.

In a statement that came soon after Adani Group announced that one of its subsidiaries will indirectly acquire a 29.18 per cent stake in NDTV, the founder-promoters of the broadcasting company said that a notice was issued to them without any discussion.
“Without any discussion with New Delhi Television Limited (NDTV) or its founder-promoters, Radhika and Prannoy Roy, a notice was served upon them by Vishvapradhan Commercial Private Limited (VCPL) stating that it (VCPL) has acquired control of RRPR Holding Private Limited (RRPRH). This entity owns 29.18% of NDTV. It has been given two days to transfer all its equity shares to VCPL,” the statement said.

VCPL has exercised its rights based on a loan agreement it entered with NDTV founders Radhika and Prannoy Roy in 2009-10, it added.

“The NDTV founders and the Company would like to make it clear that this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today. As recently as yesterday, NDTV had informed the stock exchanges that there was no change in the shareholding of its founders,” the statement said.

NDTV has “never compromised” on the heart of its operations – its journalism. “We continue to proudly stand by that journalism”, it added.

Earlier, an Adani Group arm had declared that it will indirectly acquire 29.18 per cent stake in NDTV through a subsidiary and make an open offer to acquire another 26 per cent of the shares.

Vishvapradhan Commercial Private Limited (VCPL), wholly owned subsidiary of AMG Media Networks Limited (AMNL) which is a 100 per cent subsidiary of Adani Enterprises Limited (AEL), 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.

It will trigger an open offer to acquire up to 26 per cent stake in NDTV in terms of SEBI’s Takeover Regulations. Adani Group said in a release that AMNL’s wholly-owned subsidiary VCPL holds warrants of RRPR Holding Private Limited 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. RRPR is a promoter group company of NDTV and holds 29.18 per cent stake in NDTV.

The release said 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.

It said NDTV has pioneered the delivery of credible news for over three decades and operates three national news channels – NDTV 24×7, NDTV India and NDTV Profit. It also has strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms, the Adani group release added.

NDTV recorded a Revenue of Rs 421 crore with an EBITDA of Rs 123 crore and net profit of Rs 85 crore in FY22 with negligible debt. “This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms,” said Sanjay Pugalia, CEO, AMG Media Networks Limited.

“AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge. With its leading position in news and its strong and diverse reach across genres and geographies, NDTV is the most suitable broadcast and digital platform to deliver on our vision. We look forward to strengthening NDTV’s leadership in news delivery.” AMNL, wholly owned subsidiary of AEL, houses the media business of the Adani Group.

The company was recently incorporated to set up a credible next generation media platform with emphasis on digital and broadcast segments, amongst others, the release said, adding VCPL, which was recently acquired by AMNL, is its wholly owned subsidiary. Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India’s largest business organisations. (ANI)

Topics: ndtv acquisitionadani groupndtv foundersVCPLNDTVPrannoy RoyRadhika
Share14TweetSendShareSend
Previous News

Appointment of Archakas to Agamic based temples should be governed by Agamas, not TN govt Rules: Madras High Court

Next News

Kerala Legislative Assembly Speaker glorifies Moplah riots, calls the Hindu genocide a freedom struggle movement

Related News

Decoding the hit job by Hindenburg against Adani Group

Adani-Hindenburg Issue: Supreme Court-appointed Expert Committee finds no regulatory failure against SEBI

Decoding the hit job by Hindenburg against Adani Group

Adani-Hindenburg Case: Supreme Court grants SEBI time till August 14 to complete the probe

Decoding the hit job by Hindenburg against Adani Group

Adani-Hindenburg: SEBI informs SC ‘allegation Adani Group companies are under investigation since 2016 is baseless’

Decoding the hit job by Hindenburg against Adani Group

Adani-Hindenburg: ‘SEBI can’t take indefinitely long period’ says Supreme Court while hearing plea seeking more time

Adani-Hindenburg row: Supreme Court to hear SEBI plea seeking time extension for probe into Hindenburg report today

Adani-Hindenburg row: Supreme Court to hear SEBI plea seeking time extension for probe into Hindenburg report today

Assam CM Himanta Biswa Sarma to file defamation case against Rahul Gandhi over his Adani tweet

Assam CM Himanta Biswa Sarma to file defamation case against Rahul Gandhi over his Adani tweet

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

Loka Kerala Sabha: Controversy over CM Vijayan New York event, Oppn claims up to Rs 85 lakh charge to sit close to CM

Loka Kerala Sabha: Controversy over CM Vijayan New York event, Oppn claims up to Rs 85 lakh charge to sit close to CM

Manipur: 15 injured in attacks by Kuki militants; Gun fights between militants and security forces reported

Manipur: 15 injured in attacks by Kuki militants; Gun fights between militants and security forces reported

Railway Accidents: Attempts to derail the reform story of Bharatiya Rail through attacks & sabotage

Railway Accidents: Attempts to derail the reform story of Bharatiya Rail through attacks & sabotage

Revisiting Tiananmen Square: When the Communist Party of China massacred Protesting Students

Revisiting Tiananmen Square: When the Communist Party of China massacred Protesting Students

The Malevolent Dragon: From Tiananmen Square to Belt and Road Initiative

The Malevolent Dragon: From Tiananmen Square to Belt and Road Initiative

Odisha Route Where Trains Collided Didn’t Have ‘Kavach’ Safety System— What’s this safety system?

Odisha Route Where Trains Collided Didn’t Have ‘Kavach’ Safety System— What’s this safety system?

CM Himanta Biswa Sarma ceremonially launches National Education Policy 2020 in Assam

CM Himanta Biswa Sarma ceremonially launches National Education Policy 2020 in Assam

Study says memory killer cells can improve melanoma patients’ chances of survival

Study says memory killer cells can improve melanoma patients’ chances of survival

MOVEit transfer tool leveraged by hackers to steal user data: US security researchers

MOVEit transfer tool leveraged by hackers to steal user data: US security researchers

Japanese PM Fumio Kishida “deeply saddened” over loss of lives in Odisha train accident

Japanese PM Fumio Kishida “deeply saddened” over loss of lives in Odisha train accident

  • Privacy
  • Terms
  • Cookie Policy
  • Refund and Cancellation
  • Delivery and Shipping

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • My States
  • Vocal4Local
  • Special Report
  • Sci & Tech
  • Entertainment
  • Education
  • Books
  • Interviews
  • Travel
  • Health
  • Obituary
  • Podcast
  • Subscribe
  • Advertise
  • Circulation
  • Careers
  • About Us
  • Contact Us
  • Privacy Policy
  • Cookie Policy
  • Terms of Use
  • Refund and Cancellation

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies