Adani Group firm VCPL bought 8.27% stake in open offer: NDTV

NDTV said Vishvapradhan Commercial (VCPL), an Adani Group firm, has acquired 8.27 per cent of equity in the company in the recently concluded open offer.

The statement of disclosure by the news broadcaster showed that the acquisition of 5,330,792 equity shares, having a face value of Rs 4 each at a price of Rs 294 per share of New Delhi Television Ltd which is pursuant to an open offer under the Sebi Regulations, by VCPL.

The open offer started when VCPL bought 99.5 per cent of RRPR Holding (RRPR), which holds 29.18 per cent of the shares in the TV news company.

Prannoy Roy and his wife, Radhika Roy, founders and promoters of channel New Delhi Television (NDTV), resigned as directors on the board of RRPR Holding, a promoter group vehicle of NDTV, the company said in a regulatory filing to the stock exchanges on Tuesday.

RRPR Holding, the promoter group vehicle of NDTV, holds 29.18 per cent stake in NDTV, which is being taken over by the Adani group.

Prannoy Roy owns 15.94 per cent, while Radhika Roy holds 16.32 per cent in NDTV. Promoter/promoter group shareholding amounts to 69.71 per cent.

Following Adani Group's purchase of VCPL in August, the conglomerate announced an open offer to buy an additional 26 per cent stake from NDTV's public shareholders.