Prannoy Roy, Radhika Roy exit NDTV, transfer most stakes to Adani

NEW DELHI — New Delhi Television Ltd (NDTV) founders Prannoy Roy and Radhika Roy on Friday said they have decided to transfer most of their shares in the news network to Adani Group.

Roys will sell 27.26 per cent out of their 32.26 per cent shareholding in the news broadcaster to Adani Group while retaining a minority 5 per cent shareholding, regulatory filings by NDTV showed.

After this tranfer, Adani Group, that currently holds 37.44 per cent stake in the company will become the single largest shareholder with over 64.71 per cent stake.

Adani Group had earlier bought out a company backed by the founders and then acquired more shares from the open market.

“Consequently, with the mutual agreement we have decided to divest most of our shares in NDTV to (Adani Group firm) AMG Media Network,” the founders said in a statement to stock exchanges.

“Since the open offer (by Adani Group) was launched, our discussions with Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness,” they said in the statement.

They added, “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 recognized as “India’s and Asia’s Most-Trusted News Broadcaster.’”

“We look forward to watching NDTV, and its entire extraordinary team, delivering the next phase of growth, one that India can be proud of, ” they said in the statement. — (Agencies)