Tuesday, August 30, 2022

Adani Group and NDTV petition Sebi for clarification on warrants

Adani Group, NDTV move Sebi for clarity over warrants

 NEW DELHI: Adani Group and NDTV's advertiser substance RRPR Holding have moved toward Sebi, looking for lucidity on the materialness of the business sectors controller's prior request with respect to the change of warrants into shares, a conclusive figure the takeover fight for the media bunch.

Days after Adani Group on August 23 reported securing a 29.18% stake in NDTV through the obtaining of VCPL, which holds a 99.99% stake in RRPR Holding, the media gathering's advertisers have declared that the arrangement can't go on without Sebi's gesture. In a request passed in November 2020, Sebi had controlled NDTV organizers - Radhika Roy and Prannoy Roy - from the protections market for a considerable length of time and that period closes on November 26.

As limitations are still in force, thus an earlier composed endorsement from Sebi was expected for VCPL for the activity of the transformation choice on the warrants, NDTV pioneers had said. Against this setting, the two sides have moved toward Sebi for clearness and the controller's reaction will be critical in the takeover fight.

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