I-T approval not required for warrant conversion by NDTV promoter entity

RRPR Holding, the promoter group firm of NDTV, does not require any approval from the Income Tax Department for the conversion of warrants into equity shares, Adani Group firm VCPL has informed the media company.

In a regulatory filing, NDTV said RRPR Holding and the company has received a letter from Vishvapradhan Commercial Private Ltd (VCPL) informing that the Adani Group firm had approached the IT department on the issue, which in its reply said no such restriction applies on the conversion of warrants.

“The reply dated September 7, 2022, from the Additional Commissioner of Income Tax, Central Range-02, New Delhi confirming there are no restrictions on RRPRH acting on the VCPL exercise of the option for converting its warrants into 99.50 per cent equity shares of RRPRH,”