NDTV founders to sell most of their stake in broadcaster to Adani Group

Adani Group becomes the single-largest shareholder in New Delhi Television Ltd

December 23, 2022 07:45 pm | Updated 09:00 pm IST - New Delhi

Photo used for representation purpose only.

Photo used for representation purpose only.

NDTV founders Prannoy Roy and his wife Radhika Roy on December 23, 2022 said they will sell 27.26% out of their remaining 32.26% shareholding in the news broadcaster to Adani Group.

This follows 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 32.26% stake in NDTV while Adani Group now holds 37.44% shareholding in the company.

Of the 32.26% stake, the couple will sell 27.26% while retaining a minority 5% shareholding in the company.

"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.

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