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NDTV promoter entity, Adani write to SEBI, search readability on stake sale

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The media group’s promoters have asserted that the deal can not go forward with out SEBI’s nod

The media group’s promoters have asserted that the deal can not go forward with out SEBI’s nod

NDTV promoter entity RRPR Holding Personal Ltd. and Adani Enterprises’ oblique subsidiary Vishvapradhan Business Personal Ltd. (VCPL) have written to markets regulator SEBI searching for clarification on whether or not any regulatory restrictions prohibit the information community’s founders from promoting a majority stake to Adani Enterprises.

RRPR Holding Personal Ltd, the promoter group firm of NDTV Ltd. and Vishvapradhan Business Personal Ltd (VCPL), the wholly owned subsidiary of AMG Media Community Ltd of Adani Enterprises Ltd (AEL) have individually reached out to market regulator the Securities & Trade Board of India (SEBI) searching for readability on the takeover bid. 

“VCPL has acquired a reply on behalf of RRPR whereby RRPR has reiterated that Mr. Prannoy Roy and Mrs. Radhika Roy [the network’s founders] are prohibited by SEBI, vide its order dated November 27, 2020, from accessing the securities marketplace for a interval of two years,” AEL mentioned in a submitting with inventory exchanges.

“It additional states that since SEBI alone can decide whether or not the restrictions contained within the SEBI order apply to the transaction, RRPR has addressed a letter dated August 28, 2022 to the SEBI to find out if the warrants will be transformed into fairness shares forward of the November 26, 2022 deadline specified by the SEBI Order, and that any additional motion to be taken, can solely be based mostly on the SEBI response,” the corporate mentioned within the submitting.

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“VCPL has additionally written a letter dated August 29, 2022 to SEBI, requesting SEBI to assist present readability, certainty and keep away from confusion within the minds of public shareholders of NDTV that has arisen because of the stand taken by RRPR and concern acceptable response to RRPR clarifying that the SEBI order doesn’t restrain RRPR from allotting shares to VCPL,” the submitting added.

On August 23, the Adani Group introduced buying a 29.18% stake in NDTV by way of the acquisition of VCPL, which holds a 99.99% in RRPR Holding. The media group’s promoters have asserted that the deal can not go forward with out SEBIi’s nod.

In the meantime, the NDTV inventory on Monday gained 4.99% on the BSE to shut at ₹445 a share. VCPL has made an open supply to purchase 26% of NDTV at ₹294 a chunk. Contemplating the developments, NDTV had postponed its AGM by per week to September 27. The inventory gained 4.99% to shut at ₹445 a share on the BSE on Monday.

By- The Hindu

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