Pranoy, Radhika Roy to sell most of their NDTV stake to Adani Group
“Since the open offer (by Adani Group) was launched, our discussions with Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness,” said the couple
NDTV founders Prannoy Roy and his wife Radhika Roy on Friday said they will sell 27.26 per cent out of their remaining 32.26 per cent shareholding in the news broadcaster to the Adani Group. The couple said talks with Gautam Adani, head of the Adani Group, had been “constructive”, and he accepted their suggestions.
The latest share sale follows the Adani Group becoming the single largest shareholder in New Delhi Television Ltd (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. The two together hold a 32.26 per cent stake in NDTV while the Adani Group now holds 37.44 per cent shareholding in the company.
Also read: How an unpaid loan helped Adani to make hostile takeover bid for NDTV
Of the 32.26 per cent stake, the couple will sell 27.26 per cent while retaining a minority 5 per cent shareholding in the company.
‘World-class journalism’
“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,” said the Roys in a statement to the BSE. “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 recognised 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.”
The Roys further said they had had constructive talks with Gautam Adani. “Since the open offer (by Adani Group) was launched, our discussions with Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness,” they said in the statement.
“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,” they said.
