Prannoy Roy, the creator of NDTV, and his wife Radhika Roy announced on Friday that they would sell 27.26 percent of their remaining 32.26 percent ownership of the news organisation to Adani Group.
This comes after Adani Group, after first purchasing a company backed by the founders and then acquiring additional shares from the open market, became the sole largest shareholder in New Delhi Television Ltd (NDTV).
The founders said in a statement to stock exchanges: ‘Therefore, with mutual agreement, we have decided to divest most of our shares in NDTV to (Adani Group firm) AMG Media Network.’
Together, they own 32.26 percent of NDTV, and Adani Group now owns 37.44 percent of the company’s stock.
The couple will sell 27.26 percent of their 32.26 percent stake while keeping a minority 5 percent stake in the business.
‘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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