NDTV Founders To Sell Remaining Stake To Adani

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NDTV Founders To Sell Remaining Stake To Adani

| Updated: December 24, 2022 15:23

NDTV founders Prannoy Roy and his wife Radhika Roy will sell most of their remaining stake in the organisation to Adani Group. The two together hold 32.26 percent stake in NDTV while Adani Group now holds 37.44 percent shareholding in the company. Of the 32.26 percent stake, the couple will sell 27.26 percent while retaining a minority 5 percent shareholding in the company.

The duo said that since the Open Offer was launched, their discussions with Gautam Adani have been constructive and “all the suggestions we made were accepted by him positively and with openness”.

The Adani Group recently became the single largest shareholder after first buying out a company backed by the founders and then acquiring more shares from the open market.

Shares of NDTV have jumped more than 16 percent since the Adani group launched its takeover bid for the media group.

On November 29, Prannoy Roy and Radhika Roy, founders and promoters of NDTV, resigned as directors on the board of RRPR Holdings Private Limited. RRPR, which was founded by the Roys and bears their initials in its name, was acquired by the Adani Group, along with the company’s 29.18 per cent stake in NDTV on August 23.

A day after the founders quit as directors of RRPR, Ravish Kumar, Senior Executive Editor at NDTV India, put in his papers.

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