Roys to fully exit NDTV, sell stake to Adani
As per a statement issued by Prannoy and Radhika Roy, Adani has accepted all the suggestions made by them "positively and with openness"
NDTV Founders Prannoy Roy and Radhika Roy have decided to divest most of their shares in NDTV to Gautam Adani's AMG Media Network.
After the Open Offer, AMG Media Network is the single-largest shareholder in NDTV.
As per a statement issued by Prannoy and Radhika Roy, Adani has accepted all the suggestions made by them "positively and with openness".
Below is the full text of the statement:
We started NDTV in 1988 in the belief that journalism in India was world-class but needed a strong and effective broadcast platform that would allow it to grow and shine. After 34 years, we believe that NDTV is an institution that has met so many of our hopes and ideals; we are so proud and grateful that across the globe, NDTV is recognized as “India’s and Asia’s Most-Trusted News Broadcaster.” The AMG Media Network, after the recent Open Offer, is now the single-largest shareholder in NDTV. Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media Network. 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. Mr. Adani has invested in a brand that is synonymous with Trust, Credibility and Independence, and we are hopeful that he will preserve these values and expand upon them with all the responsibility required of a leader of an organisation of this nature. We look forward to watching NDTV, and its entire extraordinary team, delivering the next phase of growth, one that India can be proud of.
Roys will sell 27.26 per cent out of their 32.26 per cent shareholding in the news broadcaster to Adani Group, while retaining a minority 5 per cent shareholding, regulatory filings by NDTV showed.
After this transfer, Adani Group, which currently holds 37.44 per cent stake in the company, will become the single-largest shareholder with over 64.71 per cent stake.
Adani Group had earlier bought out a company backed by the founders and then acquired more shares from the open market.
Meanwhile, NDTV has informed SEBI that Sanjay Pugalia and Senthil Sinniah Chengalvarayan have been appointed Additional Directors in the capacity of Non-Executive Non-Independent Director.
