Gautam Adani NDTV Update: NDTV is now going to be owned by Adani Group Chairman Gautam Adani. NDTV founders Prannoy Roy and Radhika Roy have said that they will sell most of their shares to Adani Group. Both the founders have given information about this on Friday, 23 December. The founders said in the information to the stock exchanges, ‘We have decided to sell our majority shares in NDTV to AMG Media Network (Adani Group firm) as per mutual agreement.
what is the verdict
Both Prannoy Roy and Radhika Roy hold a total of 32.26 per cent stake in NDTV, while the Adani group now owns 37.44 per cent in the company. The Roy couple will retain 5 per cent stake in NDTV while the remaining 27.26 per cent will be sold to AMG Media Network. At the same time, Adani Group will have more than 64.71 percent stake in NDTV.
The Roy couple said in the statement, “Our discussions with Gautam Adani have been constructive and positive since the open offer (by Adani Group) was made.” He has accepted all the suggestions given by us in a positive manner and with openness.
Adani Group is the largest shareholder in NDTV.
The Adani group became the largest shareholder of media company New Delhi Television Limited (NDTV) following an open offer earlier this month. The Adani group had increased its stake in New Delhi Television Limited by more than 37 per cent through an open offer. Adani’s group was looking to pick up a 26 per cent stake in NDTV, but the open offer offered only 5.3 million shares.
resigned from the post of director
With Adani becoming the largest shareholder of the group media company, he got the right to appoint the chairman of the company. Earlier, NDTV promoters Prannoy Roy and Radhika Roy had resigned from the post of directors with immediate effect.
what is the reason
NDTV founders Radhika and Prannoy Roy said in their statement that they started NDTV in the year 1988 with the belief that journalism in India is world-class, but needs a strong and effective broadcast platform to allow it to grow and shine. He said that, after 34 years, he believes that NDTV is an institution that has fulfilled many of his hopes and ideals. AMG Media Network, following the recent open offer, is now the largest shareholder in NDTV. By mutual agreement, they have decided to sell majority of their shares in NDTV to AMG Media Network. His discussions with Gautam Adani have been positive since the launch of the open offer. Said that, he has accepted all the suggestions given to him positively and with openness.