India

NDTV’s open offer to buy 26% of Adani to open on November 22

From November 22 to December 5, the Adani group will open its open offer to acquire an additional 26% public holding in NDTV.

Vishvapradhan Commercial Pvt Ltd. (VCPL) has proposed to acquire an additional 26%, or 1.67 crore equity shares, at an offer price of Rs 294 per share. In the previous open offer by Adani, the deadline was October 17 to November 1.

The Adani group launched an open offer in August this year after acquiring 29.18% of NDTV.

In September 2022, public shareholders owned 38.55% of the company, according to data from the BSE.

It was announced in August that Adani entities had acquired VCPL, which had provided NDTV founders headed by Prannoy Roy with a loan of over Rs 403 crore.

In 2009-10, VPCL lent the amount in exchange for warrants that enabled it to acquire a 29.18% interest in NDTV at any time. As a result of this interest-free loan, RRPR Holding issued warrants to VCPL to purchase 99.9% of RRPR at a discounted price.

According to the company’s website, RRPR owns 29.18% of NDTV. To extend the loan to RRPR, VCPL raised funds from Reliance Strategic Ventures, a wholly-owned subsidiary of Mukesh Ambani’s Reliance Industries Ltd.

Upon completion of the transaction, the acquirer (Adanis) will not acquire any equity shares directly from the target company (NDTV) but instead will own a minimum of 99.5% and a maximum of the paid-up capital of the promoter company (RRPR Holdings). The offer document stated that 18,813,928 equity shares constitute 29.18% of the voting share capital of the target company.

It has been announced that NDTV and its subsidiary, NDTV Networks Ltd, are delaying the sale of their stake in Astro Awani Network Sdn Bhd. This Malaysian media company represents 20% of its total share capital.

According to the Central Bureau of Investigation letter dated November 9, 2022, the transaction has been withheld for now from approval.

According to NDTV’s stock exchange filing, it is currently considering the legal options available to it and will take the necessary action accordingly.

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Nisha

Hi, my name is Nisha and I'm an educational journalist based in India. I've always been passionate about the power of education to transform lives, and that's what led me to pursue a career in journalism focused on this area. I completed my Bachelor's degree in English from Hindu College in Delhi in 2013 and then went on to earn my Master's in Journalism and Mass Communication from the Indian Institute of Mass Communication in 2017. During my studies, I also completed several short-term courses on Education in India, Sociology, and other related subjects to deepen my knowledge in this field. I'm particularly interested in improving access to quality education in rural areas, where students often face significant challenges. I've worked on a number of initiatives to address this issue, including advocating for better policies, resources, and practices that can make a difference. As an educational journalist, I'm passionate about using my platform to highlight important issues in the education space. I've covered a wide range of topics, including the impact of technology in the classroom, innovative approaches to teaching and learning, and the challenges facing students from marginalized communities. One of the things I love most about my work is the opportunity to constantly learn and grow. I'm an avid reader and believe that reading is key to expanding one's knowledge and perspective. I'm always seeking out new ideas and insights to help me better understand the world around me. In summary, as an educational journalist, I'm dedicated to using my skills and expertise to make a positive impact in the field of education. I'm committed to improving access to quality education for all students and to using my platform to raise awareness about important issues in this area.

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