AFPNEW DELHI: NDTV on Thursday informed stock exchanges said Adani companies requires Sebi approval to secure 99.5 per cent interests in the promoter vehicle, as its founders are barred from trading in securities markets.
NDTV noted that Sebi had on November 27, 2020, restrained founder-promoters Prannoy Roy and Radhika Roy from accessing the securities market. It further prohibited buying, selling, or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner whatsoever for a period of two years, which expires on November 26, 2022, unless pending appeal proceedings were to successfully conclude prior.
NDTV founders Radhika and Prannoy Roy took a Rs 400 crore loan from little-known firm VCPL over 10 years ago, and in exchange issued warrants allowing VCPL to buy 29.18 per cent of the news group.
VCPL, now a wholly-owned subsidiary of Adani firm AMG Media Networks, has exercised warrants to acquire 99.5 per cent stake in RRPR Holdings. RRPR in turn holds 29.18 per cent stake in NDTV. Prannoy Roy and Radhika Roy still hold 32.26 per cent stake in the company.
Shares of hit a 5 per cent upper circuit limit at Rs 403.70 on BSE.
NDTV noted that Sebi had on November 27, 2020, restrained founder-promoters Prannoy Roy and Radhika Roy from accessing the securities market. It further prohibited buying, selling, or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner whatsoever for a period of two years, which expires on November 26, 2022, unless pending appeal proceedings were to successfully conclude prior.
NDTV founders Radhika and Prannoy Roy took a Rs 400 crore loan from little-known firm VCPL over 10 years ago, and in exchange issued warrants allowing VCPL to buy 29.18 per cent of the news group.
VCPL, now a wholly-owned subsidiary of Adani firm AMG Media Networks, has exercised warrants to acquire 99.5 per cent stake in RRPR Holdings. RRPR in turn holds 29.18 per cent stake in NDTV. Prannoy Roy and Radhika Roy still hold 32.26 per cent stake in the company.
Shares of hit a 5 per cent upper circuit limit at Rs 403.70 on BSE.
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