Legal scenario of NDTV stake purchase by Adani

The buzzing news that NDTV stake was acquired by Adani group is making story these days. 

The most cruicial entity is Vishvapradhan Commercial Private Limited known as VCPL as it holds warrants of RRPR Holding Private Limited and is entitled, to convert them into 99.99% stake. 

VCPL has exercised warrants to acquire 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR(believed to be named after fouder Radhika Roy and Prannay Roy) is a promoter of NDTV and holds 29.18% stake in NDTV. 

In past RRPR holdings pvt ltd had taken a loan from VCPL which was interest free, but it had a condition wherein they had issued the warrants, through which VCPL had the right to convert them into a 99.9 per cent stake in RRPR in case the loan was not repaid. 

AMNL(AMG Media Networks Limited) & AEL(Adani Enterprises Ltd) , subsidiary of Adani Group, which host the media business of the Adani Group to played an important role after AEL acquired VPCL through a purchase agreement dated 23 August 2022 executed between AMNL, Nextwave Televentures (NTPL), Eminent Networks and VCPL.

VCPL is a company that Adani has acquired to indirectly gain control of about a 29.18% stake in NDTV.

It made the announcement through letter mentioning the details.(Entire Pdf is available with stock exchange)









AMNL’s placed an open offer to acquire up to 26% stake in NDTV, which was open to all other existing share holders in compliance with the requirements of the SEBI’s [Substantial Acquisition of Shares and Takeovers] Regulations, 2011.



Interesting enough is NDTV stock is traded in market which today had bid side active but nothing on offer side.


 It is contended that the price which Adani Group offered is a little lower then what the market price       for  the day. But there are many other factors to be taken into consideration and other things which may influence this deal and finally is shareholders independent decision.

NDTV has made some allegations w.r.t the deal and informed stock exchange that all this had taken place without their consent, notice. (Entire Pdf is available with stock exchange)

AEL & VCPL have contended that RRPR holding pvt Ltd is not a party to the SEBI order, which had earlier restricted Prannoy Roy and Radhika Roy from dealing with securities. The Warrant Exercise Notice has been issued by VCPL under a contract which is binding on RRPR. RRPR is therefore obligated to comply with its contractual obligations.




In any case the requirement of any consultation with or consent or even conversion of warrants to equity shares will be dictated by the terms mentioned in those warrants and by compliance to statutory provisions governing this aspect. The contract registered is binding. 








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