Prannoy Roy & Radhika Roy Resign From RRPRH Board

Mumbai: Dr. Prannoy Roy and Radhika Roy on November 30 resigned from as Board of Directors of RRPRH.

On Monday, NDTV’s Promoter Group vehicle RRPR Holding Private Limited (RRPRH) transferred its ownership to Adani Group. The RRPRH is owned by Radhika Roy and Prannoy Roy.

Also Read: Radhika Roy And Prannoy Roy Transfer Ownership Of RRPRH To Adani Owned VCPL

In its regulatory filing, NDTV said that RRPRH issued equity shares on November 28, 2022, constituting 99.5% of its equity share capital to Vishvapradhan Commercial Private Limited (VCPL).

Following the expiration of the 2-year restriction imposed by the Securities & Exchange Board of India (SEBI) in the matter of dealing in securities on November 26, 2022, the shares have been issued in accordance with the Conversion Notice dated August 23, 2022.

The VCPL owned by Gautam Adani, in August acquired a little-known company that lent over Rs 400 crore to NDTV’s founders more than a decade ago in exchange for warrants. Those permitted the company to acquire a stake of 29.18% in the newsgroup at any time.

SEBI has not responded to a specific letter dated August 28, 2022, NDTV said. The letter is written on behalf of the Promoter Group vehicle seeking clarification.

According to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, SEBI has given green signal to the Letter of Offer dated November 11, 2022, by VCPL, AMG Media Networks Limited, and Adani Enterprises Limited for the purchase of up to 16,762,530 fully paid up equity shares with a face value of INR 4 each, representing 26% of the voting share capital of New Delhi Television Limited (as amended).

On December 5 the offer closes. After the closing of the offer, Adani will own more than 55% of the stake in NDTV.

Adani Enterprise has alerted the exchange about VCPL receiving a letter from RRPR Holding dated November 28, 2022. The letter gives confirmation ‘to issue equity shares constituting 99.5% of its equity capital to VCPL on November 28, 2022.’

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