“…acquisition of 5,330,792 (8.27%) equity shares having face value of ₹4 each at a price of ₹294 per share of New Delhi Television Limited (Target Company) pursuant to an open offer under the SEBI (SAST) Regulations by Vishvapradhan Commercial Private limited (Acquirer)," said a stock exchange filing.
Till now, Adani group owned 29.18 per cent of share of the company through its subsidiary RRPR Holding Private Limited. With the acquisition of 8.27% of the shares by VCPL, Adani owns a total of 37.45% of the shares in the company. Post acquisition, company share ownership of Dr. Prannoy Roy and wife Radhika Roy got reduced to 15.94% and 16.32%. With this acquisition, Adani becomes the largest shareholder in NDTV by surpassing Roys, who collectively hold around 32.26% of the shares.
Last month, Gautam Adani Group launched an open offer, which lasted till 5 December, for an additional 26% stake in NDTV. The offer was extended after the takeover of NDTV’s promoter firm, RRPR Holding Private Limited by VCPL.
Sudipta Bhattacharya, Sanjay Pugalia and, Senthil Sinniah Chengalvarayan have been appointed as the Board of Directors of VCPL.
By being the largest shareholder of NDTV, Adani group can seek control of the board by reconstituting it. They are also able to propose their own set of directors and remove the current directors, said Shriram Subramanian, managing director of Bengaluru-based InGovern Research Services.
The take over of the new channel by the conglomerate was criticised heavily by some journalists. However, industrialist Gautam Adani said that he sees the takeover of the NDTV as a ‘responsibility' more than a business opportunity. He had also invited Prannoy Roy be the chairperson of the company when the acquisition is completed, reported Reuters.
