afaqs! news bureau

Adani Group buys NDTV's promoters' additional stake

As per a regulatory filing, the group now holds 64.71 percent of NDTV.

On Friday, the Adani group fully took control of the news channel NDTV after purchasing the majority of the founders' shares from Prannoy Roy and Radhika Roy for a premium of roughly 17% over the price it paid to the company's minority shareholders.

According to a regulatory filing, the Adani group now owns 64.71 percent of New Delhi Television (NDTV).

The business created by the Roys and bearing their initials in its name, RRPR Holdings Private , was utilised by the Gautam Adani-led group to purchase 27.26 percent of the stock from Prannoy Roy and Radhika Roy for Rs 342.65 per share, the statement said.

The group  has paid Rs 602 crore to Roys, which, is nearly 17% premium above the Rs 294 per share that Adani Group had put in an open offer to minority shareholders after acquiring control of RRPR Holdings.

In a statement, the Adani Group stated that two more members, Sunil Kumar and Aman Kumar Singh, had been appointed to the NDTV Board of Directors following the change in control (former civil servant).

Commenting on the change, the founder and chairman of the Adani Group, Gautam Adani, said: "The Adani Group is honoured to further fortify NDTV with world-class infrastructure and personnel and develop NDTV into a vibrant multi-platform worldwide news."

With the exception of 2.5% of his stake, Prannoy Roy sold all of his 15.94% stake in NDTV. With the exception of 2.5%, his wife Radhika Roy also sold her 16.32% ownership in NDTV.

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