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New NDTV board OKs Radhika & Prannoy Roy's resignation as RRPR directors

This means that the existing and longstanding promoters and management of NDTV has exited the company. The Adani group takeover is thus complete

Topics
NDTV | Adani Group | NDTV Prannoy Roy

IANS  |  New Delhi 



NDTV logo. Photo: Wikimedia Commons
NDTV logo. Photo: Wikimedia Commons

In a dramatic late night development on Tuesday, the new board approved the resignations of Prannoy Roy and Radhika Roy as directors of RRPR Holding Private Ltd (RRPR), the promoter group vehicle of New Delhi Television Ltd (NDTV).

This means that the existing and longstanding promoters and management of has exited the company. The takeover is thus complete.

The board also appointed Sanjay Pugalia and Senthil Chengalvarayan as directors on RRPRH board with immediate effect.

It needs to be mentioned that NDTV's promoter firm RRPR Holding had on Monday stated that it had transferred shares constituting 99.5 per cent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL), thus completing the official takeover of by the .

The transfer of shares will give the control over a 29.18 per cent stake in NDTV. The diversified conglomerate is also conducting an open offer for another 26 per cent stake in the media firm. The open offer, which began on November 22, has seen shareholders tender 5.3 million shares, or 31.78 per cent of the issue size of 16.7 million shares, so far, the exchange data showed.

The open offer will close on December 5.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Wed, November 30 2022. 07:06 IST

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