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As soon as Gautam Adani was captured, there was a stir in NDTV, along with founder Prannoy Roy and Radhika Roy, four directors gave the design

Gautam Adani, the biggest tycoon of India and Asia, has complete control over the media company NDTV. Along with this, the company’s founder Prannoy Roy and his wife Radhika Roy as well as other directors have resigned. Pranav Roy and Radhika Roy were the executive co-chairpersons of NDTV. The Roy couple sold their 27.26 per cent stake to the Adani group on Friday. With this, Adani Group established its complete control over this television network. With this stake purchase, Adani Group now has a total stake of 64.71 per cent in NDTV.

Adani Group’s flagship company Adani Enterprises informed the stock markets about the acquisition, saying that its associate and RRPR, a part of the promoter group of NDTV, has acquired 27.26 percent stake in NDTV from Pranav Roy and Radhika Roy through mutual transfer. done since The Roys resigned along with four other directors shortly after the Adani Group conglomerate took control of the media company. The directors who resigned include Darius Taraporevala and independent directors Kinshuk Dutta, Indrani Roy and John Martin Olon.

Who resigned
Along with this, it was said on behalf of NDTV that its board has approved the proposal to appoint Aman Kumar Singh as non-executive additional director and Sunil Kumar as non-executive independent director. Last week too, Adani Group nominated Sanjay Puglia and Senthil S Chengalvarayan as directors in NDTV. Commenting on the acquisition, Adani Group Founder and Chairman Gautam Adani said, “The Adani Group is privileged to build NDTV with world-class infrastructure and talent and transform it into a multi-platform global news network.”

The Roy couple, who started news television channel NDTV, had announced on December 23 that they would sell 27.26 per cent of their remaining 32.26 per cent stake in the media company to the Adani Group. The Adani Group has acquired the Roy couple’s stake at Rs 342.65 per share. The sale of 1.75 crore shares at this price is expected to fetch the Roy couple Rs 602.30 crore. This price is 17 percent more than the price of Rs 294 set by Adani Group in the open offer.

How to control
Adani Enterprises said in a filing to the stock market that its associate Vishwapradhan Commercial Private Limited (VCPL) holds 8.27 per cent stake in NDTV while RRPR holds 29.18 per cent. With the new acquisition, RRPR’s stake in NDTV will go up to 56.45 per cent. The company said the stake acquisition has been completed through the block deal mechanism of NSE on December 30. In this way Adani Group has got majority stake in NDTV.

The Roys had lost their status as the largest shareholders of NDTV a few weeks ago. In fact, the Adani group had acquired 29.18 per cent stake in NDTV with the acquisition of RRPR Holding Pvt Ltd, a company backed by the Roy couple. The group then made an open offer to buy 26 per cent stake from minority shareholders as well. However, the offer was not well received and Adani Group could only raise 8.26 per cent stake. With this, its total stake in NDTV increased to 37.44 per cent. This was higher than the Roy couple’s 32.26 per cent. Only after that, an announcement was made by the Roy couple to sell 27.26 percent of their total stake.