The Adani Group on Friday said it has acquired a 27.26% 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% 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 announced to sell 27.26% out of their remaining 32.26% shareholding in the NDTV to the Adani Group.
“Vishvapradhan Commercial Private Limited (an indirect subsidiary of the company) holds an 8.27% equity stake in NDTV and RRPR (prior to the present acquisition) held a 29.18% equity stake in NDTV. Consequent to the present acquisition, RRPR will hold 56.45%,” the filing said.
Adani Group has acquired Roys’ shares at the price of ₹342.65 per share. Based on this price, the sale of 1.75 crore shares would have fetched the Roys up to ₹602.30 crore.
“The acquisition was completed on December 30, 2022 on the block deal window of NSE,” it added.
Last week NDTV board 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% 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% 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% shareholding, taking the total interest of Adani Group in NDTV to 37.44%— higher than the 32.26% 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% of the media company.