NDTV hits the roof after Prannoy Roy, Radhika Roy resign from board of RRPRH

New Delhi Television (NDTV) hit an upper circuit of 5% at Rs 447.70 after the company's founders Prannoy Roy and his wife Radhika Roy resigned as the directors of promoter group vehicle RRPR Holding.

NDTV has been informed by the promoter group vehicle RRPR Holding Private Limited (RRPRH) that the board at the meeting held on 29 November 2022, approved resignation of Dr. Prannoy Roy and Radhika Roy as directors on the board of RRPRH, with effect from the close of business hours of 29 November 2022.

Further, the board also approved appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan, as directors on the board of RRPRH, with immediate effect.

In August this year, the Adani Group acquired a 100% stake in Vishvapradhan Commercial Private Limited (VCPL).

VCPL owned convertible debentures in Radhika Roy Prannoy Roy (RRPR) Holding, which in turn owned 29.18% stake in NDTV.

Armed with 29.18% indirect stake in NDTV, Adani Group launched an open offer to acquire an additional 26% stake in the Delhi-based news channel on 22 November 2022. The open offer will close on 5 December this year.

Adani's open offer price is Rs 294 per share, a discount of 34.33% to the ruling market price.

As on September 2022, Prannoy Roy held 15.94% stake while Radhika Roy held 16.32% stake in NDTV (a combined 32.26% stake).

NDTV is a leading media house and it operates three national news channels - NDTV 24x7, NDTV India and NDTV Profit.

On a consolidated basis, net profit of NDTV declined 0.17% to Rs 12.01 crore on 16% rise in net sales to Rs 105.80 crore in Q2 September 2022 over Q2 September 2021.

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