RRPR Holding Pvt Ltd, the promoter entity of New Delhi Television Limited (NDTV), informed the stock exchange on November 28 that it has transferred 99.5% of its shares to AMG-owned Vishvapradhan Commercial Pvt Ltd (VCPL) owned by AMG Media Network Ltd, the media arm of Adani Group. The deal closed on November 28, according to a regulatory filing.

More than a decade ago, RRPR, led by NDTV co-founders Radhika and Prannoy Roy, secured a Rs 400 crore loan from VCPL. The terms of the loan agreement allow VCPL to acquire a 29.18% stake in NDTV without repaying the loan.

The loan issuer was acquired by Adani Group in August and subsequently issued share conversion warrants. NDTV had tried to block the conversion notice because SEBI had banned the media conglomerate’s promoters from trading in the securities market for two years. However, the ban expired on November 26.

NDTV said in its exchange filing that RRPR “issued shares to VCPL under the conversion notification dated August 23, 2022, after the expiry of the 2-year embargo imposed by the Securities and Exchange Board of India (SEBI) regarding securities on November 26, 2022.”

With the transfer of the shares to VCPL, the Adani-owned entity has taken over a 29.18% stake in NDTV. The conglomerate led by Gautam Adani launched a public offering on November 22, asking for an additional 26% stake to allow it to seize ownership of the media company.

The offer of Rs 294 per share will close on December 5. If fully subscribed, the open offer amount will be Rs 492.81 crore. Ahead of the announcement, NDTV shares were locked in at a cap of 5% and closed at Rs 406.10 per share on the BSE.