NDTV Founders Prannoy Roy And Radhika Roy Sell Stake To Adani For Rs 602 Crore
January 3, 2023: NDTV Adani deal: After NDTV founders Prannoy Roy and Radhika Roy sold their stake to Adani Enterprises for Rs. More than 602 crores received.
They sold their 27.26% stake in the news broadcaster for Rs. 342.65 per share, a premium of 17% to Rs. 294 at the open offer price.
The Roys will continue to hold a 5% stake, valued at Rs. 110 crores. Gautam Adani‘s Adani Group acquired full control of New Delhi Television Limited (NDTV) after acquiring the stake of former founders Prannoy Roy and Radhika Roy.
After selling his stake to Adani Enterprises, Roy received Rs. More than 602 crore was received. They sold their 27.26% stake in the news broadcaster for Rs. 342.65 per share, a premium of 17% to Rs. 294 at the open offer price.
The Roys will continue to hold a 5% stake, valued at Rs. 110 crores.“We hereby inform you that RRPR, an indirect subsidiary of the Company and promoter/promoter group member of NDTV, has acquired 27. 26% equity stake in NDTV from Prannoy Roy and Radhika Roy (Vendors).
Transfer under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011,” Adani Enterprises said in a regulatory filing on Friday.
After the transaction, RRRR Holding’s stake in NDTV, owned by acquirer Adani Enterprises, will increase to 56.45% from 29.18% previously.
Adani Enterprises’ indirect subsidiary—Vishwapardhan Commercial—holds another 8.27% stake in NDTV, taking Adani Enterprises’ overall holding in the broadcaster to 64.72%.
NDTV announced that Royce and four other directors had resigned following the change in ownership.
Other board members who resigned include Darius Taraporwala who stepped down as a non-executive and non-independent director, along with Kaushik Dutta, Indrani Roy and John Martin O’Loan who resigned as non-executive, independent directors.
NDTV’s board has approved the appointment of Aman Kumar Singh as a non-executive additional director and Sunil Kumar as an additional director in a non-executive, independent director capacity.
Shares of NDTV traded on the Bombay Stock Exchange (BSE) on Friday at Rs. closed at 345.60.
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