Will complete NDTV open offer process regardless of share transfer by RRPR: Adani Group

New Delhi: Amidst the delay in the open offer by Adani Group to buy 26% shares of NDTV, the former on Wednesday wrote to the Securities and Exchange Board of India (SEBI) re-affirming its commitment to completing the open offer process.

Adani’s had on August 23 announced that they will convert the Rs 400 crore loan given to RRPR (Radhika Roy Prannoy Roy) in 2009 into 29% stake in NDTV and will acquire additional 26% shares from public through an open offer from October 17.

However, RRPR has not yet completed the transfer process which is leading to a delay in the process.

Adani Group’s banker JM Financial, on behalf of the client, has written to SEBI informing that the Group intends to complete the open offer process regardless of the status of share transfer by RRPR to Vishvapradhan Commercial Private (VCPL).

JM Financial further urged SEBI to ‘provide its observations’ on the draft letter of offer filed in connection with the Open Offer in accordance with SEBI (SAST) regulations.

The letter read, “While the Underlying Transaction (as defined in public announcement dated August 23, 2022 filed by the Manager to the Open Offer on behalf of VCPL) has not been consummated due to the stance being taken by RRPR, VCPL is committed to its vision and intends to proceed with the open offer in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 (“SEBI (SAST) Regulations”), which require that the Open Offer be completed regardless of whether the Underlying Transaction has been consummated.”

“VCPL re-affirms its commitment to completing the Open Offer process (pending consummation of the Underlying Transaction) and SEBI has been requested to provide its observations on the Draft Letter of Offer filed in relation to the Open Offer, in accordance with the SEBI (SAST) Regulations,” Adani’s banker further said in the letter.