Adani Group completes majority acquisition of NDTV

Acquires 27.26% shares from Prannoy Roy and Radhika Roy for over Rs 600 crore

by exchange4media Staff
Published: Dec 30, 2022 5:59 PM | 1 min read

Adani Group on Friday announced that it has acquired a majority stake in NDTV. The development comes days after NDTV founders Prannoy Roy and Radhika shared that they are selling most of their stake in the media company to Adani Group.

“We hereby inform you that RRPR, an indirect subsidiary of the Company and member of the promoter/promoter group of NDTV, has acquired 27.26% equity stake in NDTV from Mr. Prannoy Roy and Mrs. Radhika Roy (“Sellers”) by way of inter-se transfer under Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,” the group informed the BSE.

According to the filing made with the stock exchanges, RRPR will now hold a 56.45%equity stake in NDTV, as RRPR already held a 29.18 per cent equity stake in NDTV. The acquisition of shares from Roys was completed on 30 December.

The statement by Adani Enterprises says that the company acquired the 27.26% stake from Roys at the price of ₹342.65 per share. This means that the company paid over ₹600 crore to Roys for the shares. According to the regulatory filing made by NDTV last week, Prannoy Roy transferred 86,65,209 equity shares and Radhika Roy transferred 89,12,467 shares to Adani group. This means both promoters transferred a total of 1,75,77,676 equity shares.