New NDTV Board Approves Radhika And Prannoy Roy's Resignation As RRPR Directors

The board also appointed Sanjay Pugalia and Senthil Chengalvarayan as directors on RRPRH board with immediate effect

NDTV's promoter firm RRPR Holding had on Monday stated that it had transferred shares constituting 99.5 per cent of its equity capital to Adani Group-owned VCPL, thus completing the official takeover of NDTV by Adani Group.

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In a late night development, the new board of New Delhi Television Ltd (NDTV) approved the resignations of Prannoy Roy and Radhika Roy as directors of RRPR Holding Private Ltd (RRPR), the promoter group vehicle of NDTV, reported by IANS.

This means that the existing and longstanding promoters and management of NDTV has exited the company. Adani Group takeover is thus complete.

According to the IANS report, the board also appointed Sanjay Pugalia and Senthil Chengalvarayan as directors on RRPRH board with immediate effect.

NDTV's promoter firm RRPR Holding had on Monday stated that it had transferred shares constituting 99.5 per cent of its equity capital to Adani Group-owned Vishvapradhan Commercial (VCPL), thus completing the official takeover of NDTV by Adani Group.

The transfer of shares will give Adani Group control over a 29.18 per cent stake in NDTV. The diversified conglomerate is also conducting an open offer for another 26 per cent stake in the media firm.

The open offer, which began on November 22, has seen shareholders tender 5.3 million shares, or 31.78 per cent of the issue size of 16.7 million shares, so far, the exchange data showed. The open offer will close on December 5.

Adani Enterprises in a regulatory filing in October had said, “The decision to acquire NDTV was arrived at in furtherance of Adani Group's objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision.”

Prannoy Roy and Radhika Roy, promoters of NDTV, directly hold 15.94 per cent and 16.32 per cent stakes respectively in the company. While foreign portfolio investors hold 14.72 per cent stake in the company, and individuals and other entities hold a total of 23.84 per cent stake in the firm.

On Wednesday, shares of NDTV jumped 5 per cent after this development. The shares were trading at Rs 447.70 apiece, up 5 cent on the BSE.