rrpr holding: the promoter of NDTV RRPR Holding writes to SEBI on the conversion of the warrants by the Adani group company

The investment company of the promoters of New Delhi Television Ltd (NDTV) RRPR Holding Private Ltd wrote to the market regulator SEBI about the conversion of the warrants issued to Vishvapradhan Commercial Private Ltd of the Adani group.

In a regulatory filing on Monday, NDTV said founders Radhika and Prannoy Roy informed the company that RRPR Holding wrote Sunday to the Securities and Exchange Board of India (SEBI) to determine whether the regulator’s order of November 27, 2020 restricts the conversion of mandates issued to Vishvapradhan Commercial into equity.

On August 23, Vishvapradhan Commercial, in a notice to RRPR Holding, announced that it was exercising its right to convert the warrants issued in 2009 into shares.

The conversion of the warrants into shares would lead Vishvapradhan Commercial to obtain control of 99.5% of RRPR Holding.

SEBI, in its order of November 27, 2020, had prevented the founders of NDTV from buying, selling or otherwise trading securities, directly or indirectly, for a two-year period ending on November 26, 2022.

Earlier, when the issue of the SEBI order against the NDTV promoters was raised, Adani Enterprises claimed that their claims were unfounded, legally unsustainable and without merit.

According to Adani Enterprises, RRPR Holding was not a party to the SEBI Ordinance of November 27, 2020.

Consequently, the restrictions as indicated by RRPR Holding in paragraphs 111 (b) and 112 of the SEBI ordinance do not apply to it.

The notice of exercise of the mandate was issued by VCPL under a binding contract for RRPR Holding, Adani Enterprises said.

The Adani Group is in the midst of a hostile takeover for Indian broadcaster NDTV.