NDTV takeover: Prannoy, Radhika Roy to sell most of their stake to Adani Group

New Delhi Television Ltd (NDTV) founders Prannoy Roy and his wife Radhika Roy said Friday that they will sell most of their remaining stake in the organization to the Adani Group.

In a joint statement to the stock exchanges, the founders said they hope Gautam Adani, owner of AMG Media Network, will “uphold the values ​​of trust, credibility and independence” that NDTV stands for.

“AMG Media Network, after the last Open Offer, is now the largest shareholder of NDTV. As a result, we have decided by mutual consent to divest majority of the shares in NDTV to AMG Media Network,” the statement said.

The pair added that since the launch of the Open Bid, discussions with Adani have been constructive and “he accepted all the suggestions we made positively and openly”.

The two together hold a 32.26 percent stake in NDTV, while the Adani Group now holds a 37.44 percent stake in the company. Of the 32.26 percent stake, the couple will sell 27.26 percent, retaining a minority stake of 5 percent in the company.

It has recently become the Adani Group Largest shareholder of New Delhi Television Ltd (NDTV). after first buying a founder-backed company and then acquiring more shares from the open market.

Recalling the newscaster’s career, the founders said, “We started NDTV in 1988 with the belief that Indian journalism was world-class but needed a strong and efficient broadcast platform to grow and shine.”

“After 34 years, we believe that NDTV is an organization that has fulfilled many of our hopes and ideals; We are very proud and grateful that NDTV is recognized worldwide as “India’s and Asia’s Most Trusted News Network”, the statement added.

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

“Sir. Adani has invested in a brand synonymous with Trust, Credibility and Independence, and we are hopeful that it will uphold these values ​​and propagate them with all the responsibility required of a leader of an organization of this nature,” said Prannoy and Radhika. .

“We look forward to seeing NDTV and its entire exceptional team take the next phase of growth that India can be proud of,” the statement added.

On November 29, Prannoy Roy and Radhika Roy, founders and promoters of NDTV, Resigned as a director on the board of RRPR Holdings Private Limited. RRPR, founded by Roy and bearing his initials in his name, was acquired by the Adani Group, along with the company’s 29.18 percent stake in NDTV, on 23 August.

A day after the founder stepped down as director of RRPR, Ravish Kumar, Senior Executive Editor, NDTV India, wrote his papers.” Kumar has twice been awarded the Ramnath Goenka Award for Excellence in Journalism, in addition to the 2019 Ramon Magsaysay Award.

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