NDTV in a regulatory filing said on Thursday that a prior approval from the SEBI is necessary for Vishwapradhan Commercial Private Limited (VCPL) to secure the stake jointly controlled by Dr Prannoy Roy and Radhika Roy under 'RRPR' in keeping with the regulator's order dated November 27, 2020. 

The promoter-owned business RRPR holds a 29.18% interest in NDTV. In order for VCPL to maintain its 99.5% ownership of RRPR and acquire voting rights for the 29.18% of NDTV's issued share capital that RRPR holds, the SEBI permission is required.

In a previous statement, NDTV said that RRPR Holdings Ltd, which owns 29.18% of the broadcaster, had been instructed to transfer all of its equity shares to VCPL within two days.

On August 23, Adani Group made an open offer to acquire an additional 26% of NDTV's shares and RRPR's shareholding in the company through VCPL. Additionally, Adani Enterprises announced that it has purchased VCPL through its subsidiary AMG Media Networks Limited for a sum of Rs 113.75 crore. Besides, VCPL declared that it had used its entitlement to purchase "99.5% of the equity shares of RRPR Holding Pvt Ltd."

After learning about this deal, NDTV reported that VCPL had exercised its right to buy 99.50 percent of RRPR Holdings without consulting NDTV or the company's founder-promoters, Dr. Prannoy Roy and Radhika Roy.

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