Radhika and Prannoy Roy would sell a 27.26% stake in the media company to Adani, giving the conglomerate control over 64.71% of NDTV, regulatory filings by NDTV showed.
On Friday, December 23, 2022, the founders announced that they will divest the majority of their stake in the company to Adani Group company AMG Media Network.
The two founders together hold a 32.26% stake in NDTV, while Adani Group now has a 37.44% shareholding in the company.
Of the 32.26% stake, the couple will sell 27.26% while retaining a minority 5% shareholding in the company.
Following this, the Adani Group became the single largest shareholder in NDTV after first buying out a company backed by the founders and then acquiring more shares from the open market.
“With mutual agreement, we have decided to divest most of our shares in NDTV to the AMG Media Network,” the Roys said in the release.
“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 added.
The scrip rose 5% to Rs 357.60 against its previous close of Rs 340.60. The shares plunged 8.38% in the last month, whereas they have rallied 194.58% in the last year.
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