Sebi approval not needed for buying NDTV shares: Adani Enterprises

Says any subsequent attempt to return money received or original warrant certificate will have no legal effect on exercise of warrants by VCPL

The Adani group on Friday said that news broadcaster NDTV does not need the Securities and Exchange Board of India’s (Sebi’s) approval to transfer the shares of its promoter entity, RRPR Holdings, to VCPL.

In a letter to the stock exchange, Adani Enterprises said VCPL does not agree with RRPR Holdings that prior written approval from Sebi is required for allotment of shares to VCPL on exercise of warrants.

It said on August 23, the amount of Rs 1,99,00,000, being the amount payable for the 19,90,000 equity shares of RRPR pursuant to exercise of warrants, has been paid by VCPL