Market rejoices Prannoy Roy selling stake in NDTV; shares climb 5%

New Delhi: Shares of NDTV climbed 5 per cent in intra-day trade on Monday after its founders Prannoy Roy and his wife Radhika Roy said they will sell all but 5 per cent of their remaining shareholding in the news broadcaster to Adani Group for up to Rs 647.6 crore.

The stock jumped 4.99 per cent to Rs 357.60 during the day on the BSE. It later ended at Rs 343.40 apiece, up 0.82 per cent.

On the NSE, shares of the company gained 1.27 per cent to settle at Rs 345 per piece. During the day, it rallied 4.50 per cent to Rs 356.

Roys, who founded New Delhi Television Ltd (NDTV) as India's first and largest private producer of news current affairs and entertainment television, lost their status of being the company's largest shareholder in recent weeks.

This follows Adani Group becoming the majority shareholding of NDTV after first buying out a company backed by the founders and then acquiring more shares from the open market.

Now, Roys are selling 27.26 per cent out of their remaining 32.26 per cent shareholding in NDTV, according to stock exchange filings by the company.

The sale will happen on or after December 30 in one or more tranches, it said without disclosing the price.