Gautam Adani led Adani Enterprises announced its acquisition of NDTV News, after it purchased over 99% shares of RRPR Private Limited.
On the 30th of November, Adani Enterprise said, the promoter entity RRPR Private Limited owned by Mr. Prannoy Roy and Ms. Radhika Roy has been purchased by Adani, which gives Adani Groups a claim to have 29.10% of NDTV, due to indirect purchase. It is to be noted, that RRPR Private Limited has 29.16% shares of NDTV and by acquiring RRPR Prive Limited, Adani Enterprise has taken over NDTV too.
It is to be noted, the deal regarding the NDTV and RRPR takeover was in talks since August 2022, whereas the final official announcement was made after completing paper works, on the 30th of November, Wednesday.
In addition, on the 30th of November, Adani Enterprise also announced the new board of NDTV and RRPR Private Limited. In an official statement, the Adani Groups said, “We would like to inform that VCPL has been issued 1,990,000 equity shares of face value Rs 10 each by RRPR Holding Private Limited on November 28, 2022, constituting 99.50% of the paid up share capital of RRPR, against the Warrant Exercise Notice dated August 23, 2022 issued by VCPL to RRPR. VCPL has also received share certificate in this respect on November 29, 2022 from RRPR.”
The stock exchange filing read, “Further, Sudipta Bhattacharya, Sanjay Pugalia and, Senthil Sinniah Chengalvarayan have been appointed as directors of RRPR with effect from November 29, 2022. Prannoy Roy and Radhika Roy have resigned from the board of directors of RRPR with effect from November 29, 2022. Consequently, Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan, who are also directors on the board of VCPL, now constitute the entire board of directors of RRPR.”
Furthermore, after the acquisition, the Adani Group also launched an open offer to purchase up to 26% of NDTV stakes, giving him a share holding of over 55%. The open offer is valid till the 5th of December.
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