The Adani Group will take control of New Delhi Television Ltd. as Radhika Roy and Prannoy Roy have decided to sell bulk of their remaining holding in the news broadcast company they founded 34 years ago.
The Roys will transfer a combined 27.26% stake or 1.75 crore shares in NDTV to RRPR Holding Pvt., now part of the Adani Group, according to an exchange filing.
The acquisition price will not be at a premium of more than 25% to the last 60-day average price of Rs 368.43 per share. The transfer will take place within four working days of this intimation—on or after Dec. 30, 2022.
Billionaire Gautam Adani-led group, through RRPR Holding and Vishvapradhan Commercial Pvt., will hold 64.71% in NDTV after the transaction. Prannoy Roy and Radhika Roy will own 2.5% each.
“The AMG Media Network, after the recent Open Offer, is now the single-largest shareholder in NDTV,” the Roys said in a joint statement along with the filing. “Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media Network.”
“Since the Open Offer was launched, our discussions with Mr. Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness,” they said.
The Adani Group had acquired Vishvapradhan Commercial and sought conversion of warrants issued by NDTV’s promoters into equity of RRPR Holding. It then launched an open offer under SEBI’s takeover rules. Bloomberg