Adani group to own 64.71% stake in NDTV after Roys decide to cash out 27.26% (Ld)

The two original promoters of New Delhi Television Ltd (NDTV) — Prannoy Roy and Radhika Roy — have decided to sell their 27.26 per cent holding in the company to Adani group’s RRPR Holdings Private Ltd.

In a regulatory filing, NDTV said that Roys have decided to transfer 27.26 per cent stake out of their 32.26 per cent stake in the company to RRPR Holding.

The Roys said in a statement that AMG Media Network, a part of the Adani group, is the single largest shareholder in NDTV now.

The Roys said in the statement: “We started NDTV in 1988 in the belief that journalism in India was world-class but needed a strong and effective broadcast platform that would allow it to grow and shine. After 34 years, we believe that NDTV is an institution that has met so many of our hopes and ideals; we are so proud and grateful that across the globe, NDTV is recognised as ‘India’s and Asia’s Most-Trusted News Broadcaster’.

“Consequently, with mutual agreement, we have decided to divest most of our shares in NDTV to the AMG Media Network. Since the open offer was launched, our discussions with Mr Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness.”

As per the filing, the price at which the Roys would sell their 27.26 per cent (1,75,77,676 shares) stake will not be higher by more than by 25 per cent of Rs 368.43 per share.

With this acquisition, the Adani group will hold 64.71 per cent stake in NDTV.

The Adani group has acquired 8.27 per cent stake in NDTV through its open offer though it had planned to mop up 26 per cent stake in the channel company.

“Mr Adani has invested in a brand that is synonymous with Trust, Credibility and Independence, and we are hopeful that he will preserve these values and expand upon them with all the responsibility required of a leader of an organisation of this nature. We look forward to watching NDTV, and its entire extraordinary team, delivering the next phase of growth, one that India can be proud of,” the NDTV founders said in the statement.

Meanwhile, the NDTV board at its meeting on Friday appointed Sanjay Pugalia and Senthil Sinniah Chengalvarayan as additional directors in the capacity of non-executive, non-independent directors.

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