With founders Roys divesting more of their shares, Adani Group now has 65 per cent stake in NDTV

India

oi-Vicky Nanjappa

New
Delhi,
Dec
24:
The
Adani
Group
has
become
the
majority
owner
of
news
channel
NDTV
with
founders
Prannoy
Roy
and
Radhika
Roy
divesting
more
of
their
shares
to
the
AMG
Media
Network
of
Adani
Group
in
an
open
offer.

In
a
public
statement,
the
Roys
spoke
about
the
decision,
while
adding
that
they
hoped
that
Gautam
Adani
would
preserve
the
trust,
credibility
and
independence
of
brand
NDTV.

With
the
Roys
divesting
13.44
per
cent
and
13.82
per
cent
of
their
shares
to
the
Adani
Group,
this
makes
the
total
share
of
the
Adani
Group
in
NDTV
to
64.71
per
cent.
Prannoy
Roy
and
Radhika
Roy
will
retain
2.5
per
cent
shares
each
in
NDTV.

“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,”
the
Roys
said
in
a
statement.

NDTV
founders
Roys
to
sell
stake
in
company
to
Adani
Group

“The
AMG
Media
Network,
after
the
recent
Open
Offer,
is
now
the
single-largest
shareholder
in
NDTV.
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,”
the
statement
also
read.

The
Roys
also
said,
”
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
organization
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.”

NDTV
in
a
regulatory
filing
with
the
Bombay
Stock
Exchange
(BSE)
gave
out
details
of
the
share
transfer.
In
their
personal
capacity,
Prannoy
Roy
and
Radhika
Roy
held
32.
Per
cent
share
in
NDTV
in
their
personal
capacity.
This
is
apart
from
the
holding
through
RRPR
Holding,
which
had
been
acquired
by
the
Adani
Group
earlier.
From
this
personal
stake,
they
have
transferred
27.26
per
cent
of
the
shares
to
the
RRPR
Group
now
held
by
the
Adani
Group.
With
this
the
stake
of
the
RRPR
Group
in
NDTV
has
gone
up
to
56.45
per
cent
as
it
already
owned
29.18
per
cent
stake,
while
Vishvapradhan
Commercial
Private
Limited
which
is
also
under
the
control
of
the
Adani
Group
has
8.27
per
cent
stake
in
NDTV.
With
this
the
total
stake
of
the
Adani
Group
in
NDTV
has
gone
up
to
64.71
per
cent
while
the
promoters
have
just
5
per
cent
stake.

Ravish
Kumar
resigns
from
NDTV
India
amid
Adani
takeover

On
November
11,
the
Adani
Group
announced
that
it
would
launch
an
open
offer
to
acquire
an
additional
26
per
cent
of
NDTV’s
public
shares.
On
December
20,
the
Adani
Group’s
Vishvapradhan
Commercial
Private
Limited
acquired
8.27
per
cent
stake
in
NDTV
through
an
open
offer.