Indian Billionaire Gautam Adani is to control 64.71% of New Delhi Television Ltd (NDTV) as the founders have decided to sell most of the shares. The founders of NDTV, Prannoy Roy and his wife Radhika Roy have decided to transfer most of the shares in the company giving Gautam Adani his conglomerate control of about 65% of NDTV. The decision comes after four months after Gautam Adani announced his takeover of the news channel.
Indian Billionaire Gautam Adani to Control Nearly 65% of NDTV- Key Points
- Radhika Roy and Prannoy Roy will sell a 27.26% stake of their remaining 32.26% shareholding in NDTV.
- Gautam Adani already holds 37% of shares after an open offer and an acquisition of NDTV.
- Adani Group will become the single largest shareholder in NDTV after first buying out a firm backed by the founders and then acquiring more shares from the open market.
- Radhika and Prannoy Roy will have a combined 5% stake in NDTV.
- Last month, NDTV announced the resignation of the founders Radhika Roy and Prannoy Roy from the RRPR board, however, they continued on the NDTV board.
About New Delhi Television Ltd
New Delhi Television Ltd or NDTV is an Indian news media company that was founded in 1984. The founders of NDTV are economists Prannoy Roy and Radhika Roy. The husband-and-wife duo is from Kolkata. In August 2022, the Adani Group launched a hostile bid to take over NDTV.