The Adani group Friday introduced that its open supply to amass an extra 26% public shareholding in NDTV will open for subscription from November 22 to December 5.
Vishvapradhan Industrial Pvt. Ltd (VCPL) with AMG Media Networks and Adani Enterprises Ltd have proposed to amass an extra 26%, or 1.67 crore fairness shares, at a suggestion worth of Rs 294 per share. The earlier timeline for the open supply by Adani was October 17 to November 1.
The Adani group acquired a 29.18% stake in NDTV in August this yr, enabling the group to launch an open supply.
In accordance with BSE information, public shareholders maintain 38.55% stake within the firm as of September 2022.
In August, Adani entities had acquired VCPL which had lent over Rs 403 crore to NDTV founders led by Prannoy Roy.
VPCL had lent the quantity in 2009-10 in trade for warrants that allowed it to amass a stake of 29.18% in NDTV at any time. Towards this interest-free mortgage, RRPR Holding issued warrants to VCPL entitling it to transform them right into a 99.9% stake in RRPR.
RRPR holds a 29.18% stake in NDTV. Notably, VCPL had raised funds from Reliance Strategic Ventures, a completely owned subsidiary of Mukesh Ambani-led Reliance Industries Ltd, to increase the mortgage to RRPR.
After the transaction, the acquirer (Adanis) won’t instantly purchase any fairness shares of the goal firm (NDTV) however shall maintain at the least 99.50% and as much as 100% of the paid up share capital of the promoter firm (RRPR Holdings), which holds 18,813,928 fairness shares within the goal firm constituting 29.18% of the voting share capital of the goal firm, it mentioned within the supply doc.
In the meantime, NDTV and its subsidiary, NDTV Networks Ltd, are placing on maintain the proposed sale of their stake constituting 20% of the full share capital of Astro Awani Community Sdn Bhd, a media firm in Malaysia.
The Central Bureau of Investigation has withheld for now its approval of the transaction vide its letter dated November 9, 2022.
The corporate is presently analyzing the authorized choices out there to it and can take the mandatory motion accordingly, NDTV mentioned in a inventory trade submitting.