On September 7th, JM Financial who manages the offer in a draft letter of offer (DLOF) submitted to Sebi, that Adani Group will obtain an additional 26% shares of the media company, New Delhi Television Limited (NDTV) between October 17th till November 1st.
The Adani Group, led by Gautam Adani, on August 23 uncovered plans to acquire a majority stake in the news network through the acquisition of VCPL, which holds a 99.99% stake in NDTV promoter entity RRPR Holding. The public offering of up to ₹1.67 crore equity shares at ₹294 per share would sum up to ₹492.81 crores if it’s fully subscribed.
VCPL expended a loan of ₹403.85 crores on RRPR holdings in 2009-10. They issued warrants to the leading entity, and RRPR holds a 29.18% stake in NDTV. Now they have the right to convert it into a 99.9% stake if the loan is outstanding. The owner of VCPL can exercise an option to convert debt into equity with NDTV.
