The Adani Group has indirectly acquired more than 29% of the news broadcaster NDTV. The Adani Group unit has also announced an open offer for an additional 26% stake at Rs 294 per share and this open offer will cost the Adani Group Rs 493 crore.
Shareholding pattern at NDTV
The promoters and founders of NDTV, Prannoy Roy and Radhika Roy hold a little over 32%. Another promoter entity called RRPR (Rekha Roy Prannoy Roy) holds around 29% of NDTV. It’s this 29% stake belonging to RRPR that has been acquired by Vishwa Pradhan Commercial Ltd., a subsidiary of Adani Group.
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The Ambani-Adani Connection
It all started in 2009 when the promoters of NDTV, Prannoy Roy, and Rekha Roy took a loan worth 403.85 crores from VCPL via their promoter company named RRPR. VCPL is a wholly owned subsidiary whose 100% shares are with AMG Media Network Limited which is a subsidiary company of Adani Group.
According to the agreement of the loan, VCPL owned convertible debentures in RRPR Holdings Pvt. Ltd. which are warrants that allow for debt to be converted into equity in case of non-repayment of the loan.
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