Adani Group acquires NDTV founders’ 27.26% stake

The creators of the news network, Prannoy Roy and his wife Radhika Roy, sold their 27.26% equity holding in NDTV to The Adani Group on Friday. Consequently, after purchasing the majority of the founders’ stock at a premium of approximately 17% above the price it paid to the company’s minority shareholders, it was able to fully control the news channel NDTV.

According to a regulatory filing by Adani Enterprises, “RRPR, an indirect subsidiary of the business and member of the promoter/promoter group of NDTV, has purchased a 27.26 percent equity investment in NDTV from Prannoy Roy and Radhika Roy by way of inter-se transfer…

Sanjay Pugalia, CEO of AMG Media Networks Ltd., said, “I take this opportunity to thank Radhika Roy and Prannoy Roy for a friendly and flawless handover. The NDTV newsroom will need to be strengthened and given additional funding in order to develop into a multifaceted, multi-media digital platform. Additional reporters, producers, and editors, backed by powerful research tools, are needed to expand NDTV’s digital reach through more regional content, innovative formats, personalization, and audience interaction. We promise to provide news that genuinely improves the lives of Indian citizens and anyone with an interest in India.

On December 23, Prannoy Roy and Radhika Roy announced that they would sell the Adani Group 27.26 percent of their remaining 32.26 percent ownership stake in NDTV.

“Vishvapradhan Commercial Private Limited, an indirect subsidiary of the corporation, owns an 8.27 percent equity investment in NDTV, while RRPR, which held a 29.18 percent equity stake in NDTV before the current acquisition, did so earlier. Following the current acquisition, RRPR will possess 56.45%, according to the filing.

Adani Group

At a cost of Rs 342.65 a share, Adani Group purchased Roys’ shares. At this price, the Roys would have received Rs 602.30 crore from the sale of 1.75 crore shares.

According to the statement, “the acquisition was finished on December 30, 2022 during the block transaction window of NSE.”

Sanjay Pugalia and Senthil Sinniah Chengalvarayan, two nominated directors from the most wealthy Asian company owned by Gautam Adani, were also named to the NDTV board last week.

By purchasing a business sponsored by Radhika Roy and Prannoy Roy, the creators of the television network, Adani Group acquired a 29.18% share in NDTV. After that, it launched an open offer to public shareholders to buy an additional 26%.