NDTV Deal: Radhika And Prannoy Roy To Sell 27.26 Per cent Stake To Adani, Will Be Left With Only 5 Per cent

This transfer will give Adani’s corporation a control over nearly 65 per cent of the news network.

Radhika Roy And Prannoy Roy: Radhika Roy and Prannoy Roy, the founders of New Delhi Television Ltd (NDTV), will sell a 27.26 percent stake in NDTV to an entity owned by Gautam Adani, With this deal once closed, will give it 64.71 per cent of NDTV, regulatory filings by NDTV showed. NDTV’s founders Prannoy Roy and Radhika Roy said on December 23 that they have decided to transfer most of their shares in the company to the chairman and founder of Adani Group, Gautam Adani. This transfer will make Adani’s corporation a control over nearly 65 per cent of the news network.

Radhika Roy and Prannoy Roy will retain a combined five percent stake in NDTV.

Adani, the richest person in Asia and the third richest person in the world, already holds more than 37 percent of NDTV after an open offer and an earlier acquisition of a company owned by the founders.

“The AMG Media Network, after the recent open offer, is now the single largest shareholder in NDTV. Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media Network,” Radhika and Prannoy Roy said in a statement.

“Since the open offer was launched, our discussions with Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness,” added the duo.

Roys held 15.94 per cent (Prannoy Roy) and 16.32 per cent (Radhika Roy) share in NDTV, a total of 32.26%. Now after selling 27.26%, only 5% of NDTV will remain with them.