Sebi is asked by NDTV founders if issued warrants to VPCL that can't be converted.
Last week, VCPL responded to RRPR's stock exchange filing. It stated that it was not a party of the SEBI order dated Nov 27, 2020 and that it was obligated to follow contractual obligations.
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NDTV founders wrote a letter to the SEB, to determine if the previous order dated 27/11/2020 restricts the conversion of warrants issued by (VCPL), into equity shares of promoter group vehicle.
"On 23 Aug, VCPL sent a notice to RRPRH informing them that it was exercising its rights to convert warrants issued in 2009 into equity shares. This would allow VCPL to control 99.5 percent of RRPRH.
In an order dated 27/11/2020, SEBI had prohibited NDTV founders directly and indirectly from dealing with securities for a period not exceeding two years. It ended on 26/11/2022.
Adani Group-owned VCPL said last week that RRPR was not a party the said Sebi Order and is obligated comply with contractual obligations.
VCPL responded that VCPL had issued a warrant exercise notice under a contract that is binding on RRPR. Adani Enterprises Ltd owns VCPL, a wholly-owned subsidiary of AMG Media Network Ltd. (AMNL).
This was in response a regulatory filing made by NDTV on Aug 25, which stated that Adani Group might not be able complete its deal to purchase RRPR Holdings (the promoter group vehicle for NDTV.
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Adani Group's media arm announced on August 23 that it would buy a 29.18% stake in New Delhi Television Ltd. (NDTV) and openly offer to purchase another 26 percent.
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