Resignation of Pranay and Radhika Roy… What is happening in NDTV, understand

Prannoy Roy and Radhika Roy have resigned from RRPR Holding Private Limited (RRPRH). NDTV has informed the Bombay Stock Exchange about the resignation of Prannoy Roy and Radhika Roy. The resignation of both has come at a time when the Adani Group has brought an open offer for the acquisition of New Delhi Television Limited (NDTV). RRPRH has accepted the resignations of Pranav Roy and Radhika Roy, the resignations have been accepted in the meeting held on 29th November. Adani Group has acquired 99.5 per cent stake in RRPR Holding Pvt Ltd of news media company New Delhi Television Limited (NDTV).

Company issued statement

In the statement issued by the company, it has been said that RRPRH has appointed Sudipta Bhattacharya, Sanjay Puglia, Senthi Sinniya Chengalvarayan as new directors of the board with immediate effect. Let us tell you that earlier in the month of August, Vishwapradhan Commercial Private Limited (VCPL) had bought 99.5 percent stake of RRPR, the promoter company of NDTV. VCPL is a subsidiary of AMG Media Networks Limited in which 100% stake is held by Adani Enterprises Limited.

Shares transferred to VCPL

According to the promoter company of NDTV, it has transferred 99.5 per cent of its equity capital to Adani Group-owned VCPL. With the transfer of these shares, Adani Group will get 29.18 per cent stake in NDTV. At the same time, Adani Group had announced to bring an open offer in the market for another 26 per cent stake in NDTV. Along with this, Adani Group has also made an open offer for an additional 26 per cent stake, which will expire by December 5.

The acquisition was announced in August

Let us tell you that Adani Group had announced the acquisition of Vishwapradhan Commercial Private Limited in August itself. Let us tell you that in the years 2009 and 2010, Vishwapradhan Commercial Pvt Ltd had given Rs 403.85 crore as loan to RRPR Holding Pvt Ltd, the business promoter of NDTV. In return, a provision was made to take 29.18 per cent stake in NDTV from the lender at any point of time. Now the Adani Group company has made an open offer to buy an additional 26 percent stake.