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Adani group acquires NDTV founders Roys' 27.26% equity stake for over Rs. 600 crore

Published on January 02, 2023
Current Context: The news organization's founders, Prannoy Roy and Radhika Roy sold Radhika Roy Prannoy Roy (RRPR) Holding Private Limited 27.26% of their stake in New Delhi Television (NDTV) for Rs 342.65 (USD 4.1426) per share.
Adani group acquires NDTV founders Roys' 27.26% equity stake for over Rs. 600 crore
  • The Roys would have collected Rs 602.30 crore from the sale of 1.75 crore shares based on the price paid by Adani Group.
  • Under the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the transfer of shares was accomplished through an interse transfer.
  • Prior to the current transaction, RRPR held a 29.18% equity share in NDTV, whereas Vishvapradhan Commercial Private Limited, an indirect subsidiary of the corporation, owns an 8.27% equity portion. After the completion of the acquisition, RRPR will own 56.45% of the business.
  • The transaction was completed on December 30, 2022, using the block deal window of the National Stock Exchange of India Ltd. The settlement is subject to exchange formalities and procedures.
  • In August 2022, Adani Group purchased RRPR Holding Pvt Ltd indirectly, which sparked an open offer to purchase an additional 26% of NDTV.
  • New Delhi Television (NDTV):
    • Executive Co-Chairpersons- Dr. Prannoy Roy & Radhika Roy
    • Headquarters- New Delhi, Delhi
    • Establishment- 1988
  • Adani Group:
    • Chairman- Gautam Adani
    • Headquarters- Ahmedabad, Gujarat
    • Establishment- 1988

Question: 

Q.1 The Adani group has recently purchased a ­­­______ equity stake in NDTV?
a. 27.26%
b. 28%
c. 27%
d. 27.56%
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