M&A

M&A

NDTV promoter firm RRPR Holding transfers 99.5% shares to Adani's VCPL

Rediff  

Publicly listed news broadcaster New Delhi Television Ltd's (NDTV) promoter firm RRPR Holding has transferred shares constituting 99.5% of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL). The transfer of shares will give the Adani Group control over a 29.18 % stake in NDTV. The group is also conducting an open offer for another 26% stake in the media firm. The open offer, which began on November 22, has seen shareholders tender 5.3 million shares, or 31.78 % of the issue size of 16.7 million shares, so far. On August 23, VCPL had exercised rights to acquire an indirect stake of 29.18 % in NDTV through the conversion of warrants into an equity stake in the promoter group company RRPR Holding.