NDTV founders to sell 27.26% stake in NDTV to Adani group, keep 5%

Adani group will have nearly 65% shareholding in the media company; two additional directors appointed by Adani on NDTV board

New Delhi Television (NDTV) founders Prannoy Roy and Radhika Roy said on Friday that they would sell 27.26 per cent out of their 32.26 per cent shareholding in the news broadcaster to the Adani Group.

This would effectively raise the shareholding of the Gautam-Adani-led group to nearly 65 per cent, after the latter became the single largest shareholder in the media company with a 37.45 per cent stake earlier this month. The Roys would retain a 5 per cent minority stake in the company, they said in a statement to the stock exchanges on Friday.

Following this announcement, the board of NDTV on Friday also approved the appointment of two additional directors nominated by the board of promoter entity RRPR Holding. The additional directors were Sanjay Pugalia and Senthil Chengalvarayan who were appointed in the capacity of non-executive, non-independent directors, NDTV said.

On December 9, NDTV had informed the stock exchanges that its board of directors had approved a proposal to invite RRPR Holding, an indirect subsidiary of Adani Enterprises, to nominate two directors on its board.

The Adani group had first bought out RRPR Holding, which had a 29.18 per cent stake in the news broadcaster, following which it acquired an additional 8.27 per cent stake through the open offer route earlier this month.

"Since the open offer (by the 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,” the Roys said in the statement.

"Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to (Adani Group firm) AMG Media Network,” the Roys said.

NDTV shares closed trade on Friday at Rs 340.60 apiece on the BSE, up 2.70 per cent versus Thursday's close.