Radhika and Prannoy Roy exit NDTV, transfer 27 pc stake to Adani Group

As per a regulatory filing, Radhika and Prannoy Roy, who founded the news network, will sell 27.26 percent out of their 32.26 percent stake in NDTV to Adani Group and retain a minority 5 percent shareholding.

Adani Group currently holds a 37.44 percent stake in the company. After the transfer of shares by the Roys, it will become the single largest shareholder with over 64.71 percent stake in the news broadcaster.

Adani Group bought Vishvapradhan Commercial Private Limited (VCPL) which held warrants of RRPR Holding Private Limited, the promoter group of NDTV. The deal entitled Adani Group to convert those into a 99.99 percent stake in RRPR.

VCPL had lent Rs 400 crore to NDTV's promoter entity RRPR Holding over a decade ago. That deal also had a clause that VCPL could take 29.18 percent of NDTV "at any time".

After the acquisition, the Adani Group announced that AMNL would indirectly acquire a 29.18 percent stake in NDTV and launch an open offer.

“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.