Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    US Residents Prefer Living In The Suburbs After The Covid-19 Pandemic

    March 29, 2023

    Ranveer Singh becomes the brand ambassador of Star Sports; says, “It’s an honour for me” : Bollywood News

    March 29, 2023

    STAR SPORTS BRINGS ON SUPERSTAR RANVEER SINGH AS BRAND AMBASSADOR TO FUEL SPORTS FANDOM!

    March 29, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Forbes Magazine
    Subscribe
    • Home
    • Bollywood
    • Hollywood
    • Entertainment

      STAR SPORTS BRINGS ON SUPERSTAR RANVEER SINGH AS BRAND AMBASSADOR TO FUEL SPORTS FANDOM!

      March 29, 2023

      Amaal Mallik Reveals Bootlicking, Campism In Bollywood, Reveals Dark Side Of The Industry Getting Inspired By Priyanka Chopra Jonas

      March 28, 2023

      “Both Are Pride Of India, Stop This Childish…”

      March 28, 2023

      Shah Rukh Khan Compared To Mumbai, Salman Khan Representing Delhi

      March 27, 2023

      Shraddha Kapoor & Aditya Roy Kapur’s ‘Enna Sonna’ Video Montage Is Making The Netizens Cry For Their Comeback; One Says “Ananya Panday Ka Long Term Nahi…”

      March 27, 2023
    • Interviews
    • Lifestyle

      Kindle, Kobo, Nook, iPad – The Hollywood Reporter

      December 8, 2022

      ‘KPOP’ Closing on Broadway in December – The Hollywood Reporter

      December 7, 2022

      1-800 Baskets, Wiliams Sonoma – The Hollywood Reporter

      December 6, 2022

      Armageddon Time, Bones and All Costume Designers on Bringing ‘80s Style Back – The Hollywood Reporter

      December 5, 2022

      Keke Palmer Announces Pregnancy in ‘SNL’ Opening Monologue – The Hollywood Reporter

      December 4, 2022
    • Business

      US Residents Prefer Living In The Suburbs After The Covid-19 Pandemic

      March 29, 2023

      The 3 Benefits Of Going Out In Nature

      March 29, 2023

      The 2 Basic Fears of Human Nature

      March 28, 2023

      Most Common Types Of Tests In All Categories

      March 28, 2023

      3 Ways to Make More Through Franchising

      March 28, 2023
    Forbes Magazine
    Home»Business»NDTV Seeks Clarity From Sebi On Conversion Of Warrants Issued To Adani Firm
    Business

    NDTV Seeks Clarity From Sebi On Conversion Of Warrants Issued To Adani Firm

    AuthurBy AuthurAugust 29, 2022No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Adani group and NDTV’s promoter entity RRPR Holding Ltd have approached Sebi, seeking clarity on the applicability of the regulator’s earlier order regarding the conversion of warrants into shares, a decisive factor in the hostile takeover battle for the media group.

    Days after Adani group on August 23 announced acquiring a 29.18 per cent stake in NDTV through the acquisition of VCPL, which holds a 99.99 per cent stake in RRPR Holding, the media group’s promoters have asserted that the deal cannot go ahead without Sebi’s nod.

    In an order passed on November 27, 2020, the Securities and Exchange Board of India (Sebi) restrained NDTV founders — Radhika Roy and Prannoy Roy — from the securities market for two years and that period ends on November 26.

    As restrictions are still in force, hence a prior written approval from Sebi was required for Vishvapradhan Commercial Private Limited (VCPL) for the exercise of the conversion option on the warrants, NDTV founders had said.

    Against this backdrop, both sides have approached Sebi for clarity on the issue and the regulator’s response will be crucial in the takeover battle.

    In a filing to the stock exchanges on Monday, NDTV said its founders have informed that RRPR Holding has written a letter on August 28 to Sebi, “EBI, asking it to determine whether the Sebi order dated November 27, 2020, restricts the conversion of warrants issued to VVCPL into equity shares of the promoter group vehicle RRPRH”.

    Hours later, Adani Enterprises informed the bourses that VCPL has also sought clarity on the warrants conversion matter.

    On August 29, VCPL wrote to Sebi requesting to “help provide clarity, certainty and avoid confusion in the minds of public shareholders of NDTV that has arisen due to the stand taken by RRPR and issue an appropriate response to RRPR clarifying that the Sebi order does not restrain RRPR from allotting shares to VCPL”.

    The latest development also comes days after the Adani group rejected NDTV’s assertion that promoter entity RRPR Holding is not a part of the regulator’s order that restrained Prannoy and Radhika Roy from accessing the securities market.

    Terming the contentions raised by RRPR Holdings as “baseless, legally untenable and devoid of merit”, VCPL had said the holding firm is “bound to immediately perform its obligation and allot the equity shares” as specified in the Warrant Exercise Notice.

    VCPL said RRPR is not a party to the Sebi Order dated November 27, 2020, and the restraints do not apply to it.

    The Warrant Exercise Notice was issued by its subsidiary VCPL under a contract, which is binding on RRPR, it added. 

    “RRPR is therefore obligated to comply with its contractual obligations,” Adani Enterprises had earlier said.

    On August 23, the Adani group announced to acquire 29.18 per cent shareholding in NDTV and to launch an open offer to buy an additional 26 per cent stake in the company, which operates three national news channels – English news channel NDTV 24×7, Hindi news channel NDTV India and business news channel NDTV Profit.

    The key element behind the takeover bid is an unpaid loan that NDTV’s promoter entity RRPR Holding Pvt Ltd had availed from VCPL.

    NDTV had taken a loan of Rs 403.85 crore in 2009-10 and against this amount, warrants were issued by RRPR. With the warrants, VCPL had the right to convert them into a 99.9 per cent stake in RRPR in case the loan was not repaid.

    Adani group first acquired VCPL from its new owner and exercised the option to convert unpaid debt into a 29.18 per cent stake in the news channel company. 

    The promoters of NDTV had claimed that they were completely unaware of the takeover until Tuesday and that it was done without their consent. 

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleMeta, Jio Platforms Team Up To Launch JioMart On WhatsApp
    Next Article States Borrowing Cost Continue To Fall; Eases 4 Basis Points To 7.67%
    Authur
    • Website

    Related Posts

    US Residents Prefer Living In The Suburbs After The Covid-19 Pandemic

    March 29, 2023

    The 3 Benefits Of Going Out In Nature

    March 29, 2023

    The 2 Basic Fears of Human Nature

    March 28, 2023

    Most Common Types Of Tests In All Categories

    March 28, 2023

    Leave A Reply Cancel Reply

    Demo
    Our Picks
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss
    Business

    US Residents Prefer Living In The Suburbs After The Covid-19 Pandemic

    By AuthurMarch 29, 20230

    The Covid-19 pandemic has changed our lives to a great extent. We see that U.S.…

    Ranveer Singh becomes the brand ambassador of Star Sports; says, “It’s an honour for me” : Bollywood News

    March 29, 2023

    STAR SPORTS BRINGS ON SUPERSTAR RANVEER SINGH AS BRAND AMBASSADOR TO FUEL SPORTS FANDOM!

    March 29, 2023

    K-Pop Band EXO Faces Massive Backlash Over Sehun’s ‘Pregnancy Scandal’, But Here’s Why Demands of Chen’s Removal Amid This Are Going Viral On Twitter

    March 29, 2023

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Forbes Magazine
    Facebook Twitter Instagram
    • Home
    • Business
    • Entertainment
    • Lifestyle
    © 2023 Forbes Magazine.

    Type above and press Enter to search. Press Esc to cancel.