NDTV promoter RRPR Holding writes to SEBI on warrant conversion by Adani group company
On August 23, Vishvapradhan Commercial, in a notice to RRPR Holding, intimated that it was exercising its right to convert warrants issued to it in 2009 into equity shares.
Chennai: New Delhi Television Ltd (NDTV) promoters’ investment company RRPR Holding Private Ltd has written to markets regulator SEBI on the conversion of warrants issued to Adani group’s Vishvapradhan Commercial Private Ltd.
In a regulatory filing on Monday, NDTV said the founders Radhika and Prannoy Roy have informed the company that RRPR Holding has written to Securities and Exchange Board of India (SEBI) on Sunday to determine whether the regulator’s order of November 27, 2020 restricts conversion of warrants issued to Vishvapradhan Commercial into equity.
On August 23, Vishvapradhan Commercial, in a notice to RRPR Holding, intimated that it was exercising its right to convert warrants issued to it in 2009 into equity shares.
The conversion of warrants into equity would lead to Vishvapradhan Commercial gaining control of 99.5 percent of RRPR Holding.
The SEBI, in its order dated November 27, 2020, had restrained the NDTV founders from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of two years, ending on November 26, 2022.
Earlier when the issue of SEBI order against NDTV promoters were raised, Adani Enterprises said their contentions were baseless, legally untenable and devoid of merit.
According to Adani Enterprises, RRPR Holding was not a party to the SEBI Order dated November 27, 2020.
Consequently, the restraints as pointed out by RRPR Holding in paragraphs 111(b) and 112 of the SEBI order do not apply to it.
The warrant exercise notice has been issued by VCPL under a contract which is binding on RRPR Holding, Adani Enterprises said.
The Adani Group is in the middle of a hostile takeover for Indian broadcaster NDTV.
