Open offer opening today for 26% additional stake in media firm, price band of Rs 294 per share. Adani group's open offer for NewsBust India to open on Tuesday | NewsBust Open offer opening today for 26% additional stake in media firm, price band of Rs 294 per share. Adani group's open offer for NewsBust India to open on Tuesday | NewsBust

Business

Open offer opening today for 26% additional stake in media firm, price band of Rs 294 per share. Adani group’s open offer for NewsBust India to open on Tuesday

By Amit - November 22, 2022

feature img

Mumbai2 hours ago

  • copy link

Adani Group’s open offer to acquire additional 26% stake in media firm New Delhi Television (NewsBust India) from the market is opening today i.e. Tuesday. Market regulator Securities Exchange Board of India (SEBI) had approved this open offer on 7 November. Adani Group had bought 29.18% stake in NewsBust India in August.

Open offer from 22nd November to 5th December
A price band of Rs 294 per share has been fixed for the offer, said a notice from JM Financial, the firm managing the offer on behalf of Adani Group firms. It will open on 22 November and close on 5 December. This open offer is worth Rs 492.81 crore.

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.

29.18% stake in NewsBust India now
On 23 August, Adani Group acquired 29.18% stake in NewsBust India through the acquisition of VCPL, which holds 99.99% stake in RRPR Holding. Following this, Adani Group firms – Vishwapradhan Commercial Private Limited (VCPL) along with AMG Media Networks and Adani Enterprises have proposed to acquire an additional 26%.

After the announcement of acquiring 29.18% stake in NewsBust India, NewsBust India had said that the deal cannot go ahead without SEBI’s nod. He said that in an order passed on 27 November 2020, SEBI had banned the founders of NewsBust India – Radhika and Prannoy Roy from the securities market for 2 years. This ban will end on 26 November 2022.

However, the Adani Group rubbished NewsBust India’s claim. He said the promoter unit RRPR Holding is not part of the regulator’s order barring founder promoters Prannoy and Radhika Roy from trading in the securities market. VCPL had said that RRPR is not a party to the SEBI order dated November 27, 2020 and the restrictions do not apply to it.

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. Right now the share price of NewsBust India is around Rs.364. 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

Related Stories

Latest Article

Health

3 things most precious for happiness; Family, Friends and Health | No Negative Monday; The Science, Psychology Behind Happiness

Updated January 2023

Education

Recruitment for 3808 posts of BC Sakhi in Panchayats of UP, February 5, 2023 is the last date for application. Recruitment for 3808 posts of BC Sakhi in Panchayats of UP, February 5, 2023 is the last date for application

Updated January 2023

Sports

Standing on strike, Finch hit 30 runs, one run came from a no ball. Finch on strike hits 30 runs, one run comes from a no ball

Updated January 2023

Business

Visa expiring after job loss; Children’s education will be missed, they will have to sell the house and return. Thousands Of Indian IT Professionals Struggle To Stay In US

Updated January 2023

Business

Airtel Recharge Online Plans & Offers 2023 Know Airtel Recharge 399 Plan Details Get Free Disney Hotstar Subscription With These Airtel Unlimited Talktime Plans

Updated January 2023

Education

TSPSC has recruited 78 posts including Accounts Officer, candidates can apply till February 11. TSPSC has recruited 78 posts including Accounts Officer, candidates can apply till February 11

Updated January 2023

India

Bigg Boss 16: Shalin Bhanot Crying Over Tina Dutta And Priyanka Chaudhary Friendship In Bigg Boss 16 New Promo said while crying

Updated January 2023

India

Jugaad Of Bus Flying On Ropeway To Cross The Hill In Nepal, Heavy Bus Driver Driving Through Ropeway To Reach Destination Shocking Video

Updated January 2023

Sports

Men’s hockey team coach Graham Reid said – the team needs a mental conditioning coach. IND VS NZ Hockey World Cup; India Coach Graham Reid On Players

Updated January 2023

India

Pakistan Suffers Major Power Outage After Grid Failure

Updated January 2023

Technology

Many smart features will be available with anti-theft system, the price can be 75 thousand rupees. Honda new Activa 6G launch

Updated January 2023

India

Hrithik Roshan Shared Pic With Girlfriend Saba Azad And Family On Sister Sunaina Roshan Birthday

Updated January 2023

Business

You can continue with group health insurance cover even if you change jobs. health insurance; Group health insurance cover can continue even if you change jobs

Updated January 2023

Business

Dollar Vs Rupee Rate Today 23 January 2023 Rupee Gains 19 Paise Against US Dollar In Early Trade

Updated January 2023

Sports

beat World No. 1 Viktor Axelsen in final; Ann Se Young Champion in Women’s Singles | beat world no. 1 Viktor Axelsen in final; Ann Se Young Champion in Women’s Singles

Updated January 2023