Adani Enterprises Ltd. said that its arm Vishvapradhan Commercial Pvt. has sought a clarification from the market regulator SEBI on the conversion of NDTV’s warrants required for acquisition of stake.
VCPL, in a letter, has requested the Securities and Exchange Board of India to provide “clarity, certainty and avoid confusion in the minds of public shareholders of NDTV”, according to an exchange filing.
NDTV, in a letter to exchanges on Aug. 25, had cited a SEBI order dated Nov. 27, 2020, that restrained the founder-promoters from dealing in the securities market, to reason that prior approval from the market regulator was needed for VCPL to acquire 99.5% interest in RRPR Holding.
It further requested SEBI to “issue appropriate response to RRPR clarifying that the SEBI order does not restrain RRPR from allotting shares to VCPL”.
RRPR and NDTV have also been informed by VCPL of its letter to SEBI, it said.
Adani Enterprises, on Aug. 26, said that “contentions raised by RRPR in the letter are baseless, legally untenable and devoid of merit”, adding that RRPR is bound to immediately perform its obligation and allot the equity shares as specified in the warrant exercise notice.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.