NDTV promoter group co allots 1.99 m shares to Adani firm

New Delhi Television said on Thursday that its promoter group company RRPR Holding Pvt Ltd has allotted 1.99 million shares, totalling a 99.5% stake, to Adani Group firm Vishvapradhan Commercial Pvt Ltd (VCPL).

RRPR owns a 29.18% stake in NDTV. The share allotment was effective November 28, the news media company said in a regulatory filing.

In August, the Adani Group said that its subsidiary, AMG Media Networks, had bought VCPL, which had lent ₹403.85 crore to RRPR. The NDTV promoter firm had previously issued warrants to VCPL that allowed it to convert the warrants in case the loan was not repaid.

On Thursday, NDTV said the warrants were converted under the loan agreements dated July 21, 2009, and January 25, 2010 into equity shares of RRPR.

NDTV also said the RRPR board on November 29 appointed Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as directors with immediate effect. NDTV founders Prannoy Roy and Radhika Roy resigned from the RRPR board on the same day.

Meanwhile, NDTV's public shareholders have so far tendered nearly 5.33 million shares under the open offer announced by the Adani Group. The shares submitted so far represent more than 31.78% of the 16.8 million shares that the Adani Group has offered to buy under the compulsory open offer. On November 7, the market regulator had granted approval to the ₹492.81 crore open offer for a 26% stake.

Adani's open offer price is ₹294 per share. On Thursday, NDTV's shares closed nearly 5% lower at ₹425.50 on the BSE.