Prannoy Roy and Radhika Roy to sell 27.26% out of their remaining 32.26% shares to Adani Group.
NDTV founders Prannoy Roy and Radhika Roy have announced that they will sell 27.26% out of their remaining 32.26% shares to Adani Group.
This will make the Adani Group the single largest shareholder of NDTV after first buying out a company backed by the founders and then acquiring more shares from the open market.
“Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to (Adani Group firm) AMG Media Network,” the founders said in a statement to stock exchanges.
"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," the statement added.
Post this, Roys will be retaining a minority 5% shareholding in the company.