29.18% shares of NewsBust India transferred to Adani Group, 53.28 lakh shares tender in open offer also. Adani closes in on NewsBust India takeover | NewsBust 29.18% shares of NewsBust India transferred to Adani Group, 53.28 lakh shares tender in open offer also. Adani closes in on NewsBust India takeover | NewsBust

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29.18% shares of NewsBust India transferred to Adani Group, 53.28 lakh shares tender in open offer also. Adani closes in on NewsBust India takeover

By Amit - November 28, 2022

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MumbaiOne hour ago

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New Delhi Television Limited (NewsBust India) on Monday said that RRPR Holding Pvt Ltd (RRPRH), a company backed by its founders, has transferred shares to the Adani Group company. This gives Adani Group a 29.18% stake in NewsBust India.

Apart from this, Adani Group has also made an open offer to acquire additional 26% stake from the market. This open offer of 1.67 crore shares opened on 22 November and will close on 5 December. A price band of Rs 294 per share has been fixed for the offer.

So far, 53.28 lakh (31.78%) shares have been tendered in the open offer. If this open offer is fully subscribed, Adani Group’s total stake in NewsBust India will be 55.18%. This would simply mean that Adani Group would be in control of the board of NewsBust India.

Understand the whole matter in 5 points

  • RRPR Holding is the promoter company of NewsBust India. Vishwapradhan Commercial Private Limited (VCPL) is a subsidiary of AMG Media Network Limited (AMNL). AMNL is a subsidiary of Adani Enterprises Limited (AEL). AEL is the flagship company of Adani Group. Accordingly, the control of VCPL is with Adani Enterprises.
  • NewsBust India’s promoter company RRPR Holding Pvt Ltd (RRPR stands for Radhika Roy, Prannoy Roy) had taken a corporate loan of Rs 403.85 crore from VCPL in the year 2009-10 to repay other loans. In lieu of this loan, VCPL got RRPR warrants. Warrants can be converted into shares as per rules.
  • Under this authority, VCPL issued a notice on August 23 for conversion of 1,990,000 warrants into 1,990,000 shares. As per the terms of warrant exercise, RRPR was to allot shares to VCPL within 2 days of notice i.e. by August 25. However, NewsBust India expressed its inability citing SEBI order of 2020.
  • Since RRPR is the promoter of NewsBust India and holds 29.18% stake (18,813,928 shares) in NewsBust India, Adani Group has indirectly got 29.18% stake in NewsBust India. According to SEBI rules, whenever a company acquires more than 25% shares of another company, it has to make an open offer.
  • VCPL along with AMNL and Adani Enterprises has made an open offer for additional 16,762,530 shares of NewsBust India. The open offer price of the shares is Rs 294. Now the share price of NewsBust India is Rs.404.85. Is. On August 23, when Adani Group informed about this takeover, the share price was Rs.376. Was close to

There is more news…

Amit

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