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Without consent: NDTV responds to Adani acquisition bid
New Delhi, Aug 23: Hours after Adani Group, indirectly acquired a 29.2% stake in New Delhi Television Ltd, NDTV said the move to take control of the media company's major shareholder was without consent from the firm or its founders.
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NDTV in a statement said the exercise of the right by VCPL was executed without any input of the company or its founders.
"Without any discussion with NDTV or its founder-promoters, a notice has been served upon them by Vishvapradhan Commercial Private Limited (VCPL), stating that it (VCPL) has exercised its rights to acquire 99.50 per cent control of RRPR Holding Private Limited (RRPRH), the promoter-owned Company that owns 29.18 per cent of NDTV," it said.
The statement went on to state that "this exercise of rights by VCPL was executed without any input from, conversation with, or consent of the NDTV founders, who, like NDTV, have been made aware of this exercise of rights only today." "RRPRH, which owns 29.18% of NDTV, has been told to transfer within two days all its equity shares to VCPL," it said.
Until Monday, NDTV had maintained that its promoters were not in talks to sell their stake in the company.
"Radhika and Prannoy Roy are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV," it had said.
They individually and through their company, RRPR Holding Private Limited, continue to hold 61.45 per cent of the total paid-up share capital of NDTV.
"The Company and its Founders are well aware of the need and obligation to inform exchanges and other regulators if there is to be any change to their holding; if that were the case, they would share any updates first with those authorities, it added.
Later in an internal communication to its employees, NDTV said: "The developments of today are entirely unexpected for NDTV, and for Radhika and Prannoy".
"We are in the process of evaluating the next steps, many of which involve regulatory and legal processes," it added.
