NDTV takeover: Prannoy Roy and wife Radhika Roy, founders and promoters of New Delhi Television (NDTV), have resigned as directors from the Board of RRPR Holding Private Limited (RRPRH) with effect from November 29, according to a regulatory filing by the company on Tuesday.
RRPR Holding that holds 29.18 per cent stake in NDTV, is being taken over by the Adani group of Gautam Adani.
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RRPRH approves resignations
“NDTV’s promoter group vehicle RRPRH has approved Prannoy Roy & Radhika Roy’s resignation following a meeting held on November 29,” the statement read.
“RRPRH has approved Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as new directors on Board with immediate effect,” the statement added.
On Tuesday NDTV had said an entity backed by the founders had issued shares to a unit of Adani Group.
NDTV, owned by husband-and-wife team Prannoy Roy and Radhika Roy, was founded in 1988. It had previously said the takeover move “was executed without any input from, conversation with, or consent of the NDTV founders.”
VCPL acquires 99.5 pc shares
Earlier in August this year, Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL) which is a 100 per cent subsidiary of Adani Enterprises Limited (AEL), exercised the rights and acquired 99.5 per cent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV.
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Adani Group then made an open offer to acquire the next 26 per cent state stake in NDTV. This would take the group’s total stake to 55.18 per cent, enough to take the ownership right of NDTV.
Adani Group had informed both exchanges, BSE and NSE in October, that its indirect subsidiary, Vishvapradhan Commercial Pvt Limited (VCPL), had made an open offer to the public shareholders of New Delhi Television Ltd.
The Roys still hold a 32.26 per cent stake in NDTV.
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