Takeover battle: NDTV promoter entity, Adani group approach Sebi on warrants conversion

Adani group and NDTV’s promoter entity RRPR Holding Ltd have approached Sebi, seeking clarity on the applicability of the regulator’s earlier order regarding the conversion of warrants into shares, a decisive factor in the hostile takeover battle for the media group.

Days after Adani group on August 23 announced acquiring a 29.18 per cent stake in NDTV through the acquisition of VCPL, which holds a 99.99 per cent stake in RRPR Holding, the media group’s promoters have asserted that the deal cannot go ahead without Sebi’s nod.

In an order passed on November 27, 2020, the Securities and Exchange Board of India (Sebi) restrained NDTV founders — Radhika Roy and Prannoy Roy — from the securities market for two years and that period ends on November 26.