afaqs! news bureau

Adani co to get two board of director seats in NDTV

The nominations would be considered in the next board of directors meeting on December 23.

Days after becoming the single largest shareholder in news media outlet NDTV, it is now being reported that Adani group has been offered two seats in the board of directors room of the company.

The decision was approved by the NDTV board on Friday, December 9. RRPR Holdings, an indirect subsidiary of Adani Enterprises, will be considering the nominees for the positions during the next board of directors meeting, which is to be held in December 23.

The conglomerate acquired 29.18 percent stake in NDTV on September 6, 2022. Shortly after, it made an open offer After acquiring the majority by buying a company backed by the television network's founders, Radhika Roy and Prannoy Roy.

Thereafter, it made an open offer to acquire an additional 26 per cent from public shareholders. The Adani's acquired about 53.27 lakh share shares of NDTV in total. Currently, the group holds 37.5 percent of NDTV.

Meanwhile, NDTV's shares have fell by nearly 4 percent on Friday. In the last six days, the company's stock has fallen by 22.48 percent.

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