Adani group formally acquires NDTV founders Roys' 27.26% equity stake

New Delhi: The Adani Group on Friday said it has acquired 27.26 per cent equity stake in NDTV from Prannoy Roy and his wife Radhika Roy -- founders of the news broadcaster.

"RRPR, an indirect subsidiary of the company and member of the promoter/promoter group of NDTV, has acquired a 27.26 per cent equity stake in NDTV from Prannoy Roy and Radhika Roy by way of inter-se transfer...," said a regulatory filing from Adani Enterprises.

On December 23, Prannoy Roy and Radhika Roy had announced to sell 27.26 per cent out of their remaining 32.26 per cent shareholding in the NDTV to the Adani Group.

"Vishvapradhan Commercial Private Limited (an indirect subsidiary of the company) holds 8.27 per cent equity stake in NDTV and RRPR (prior to the present acquisition) held 29.18 per cent equity stake in NDTV. Consequent to the present acquisition, RRPR will hold 56.45 per cent," the filing said.

Adani Group has acquired Roys' share at the price of Rs 342.65 per share. Based on this price, the sale of 1.75 crore shares would have fetched the Roys up to Rs 602.30 crore.

"The acquisition was completed on December 30, 2022 on the block deal window of NSE," it added.

Last week NDTV board had also appointed two nominee directors of the richest Asian Gautam Adani-run conglomerate on the board - Sanjay Pugalia and Senthil Sinniah Chengalvarayan.

Adani Group acquired a 29.18 per cent stake in NDTV by buying a company backed by the television network's founders, Radhika Roy and Prannoy Roy. Thereafter, it made an open offer to acquire an additional 26 per cent from public shareholders.

That open offer found investors willing to sell over 53 lakh shares of NDTV despite the deep discount on the stock's trading price. The stock tendered translated to an 8.26 per cent shareholding, taking the total interest of Adani Group in NDTV to 37.44 per cent - higher than the 32.26 per cent holding of founders.

Currently, Prannoy Roy is the chairperson of NDTV while his wife Radhika Roy is an executive director.

RRPR Holding Pvt Ltd is the firm that Adani Group indirectly acquired in August, triggering an open offer to buy a further 26 per cent of the media company.