With founders Roys divesting more of their shares, Adani Group now has 65 per cent stake in NDTV

New Delhi, Dec 24: The Adani Group has become the majority owner of news channel NDTV with founders Prannoy Roy and Radhika Roy divesting more of their shares to the AMG Media Network of Adani Group in an open offer.

In a public statement, the Roys spoke about the decision, while adding that they hoped that Gautam Adani would preserve the trust, credibility and independence of brand NDTV.

With the Roys divesting 13.44 per cent and 13.82 per cent of their shares to the Adani Group, this makes the total share of the Adani Group in NDTV to 64.71 per cent. Prannoy Roy and Radhika Roy will retain 2.5 per cent shares each in NDTV.

"We started NDTV in 1988 in the belief that journalism in India was world-class but needed a strong and effective broadcast platform that would allow it to grow and shine. After 34 years, we believe that NDTV is an institution that has met so many of our hopes and ideals; we are so proud and grateful that across the globe, NDTV is recognised as India's and Asia's Most Trusted News Broadcaster," the Roys said in a statement.

"The AMG Media Network, after the recent Open Offer, is now the single-largest shareholder in NDTV. Consequently, with mutual agreement, we have decided to divest most of our shares in NDTV to the AMG Media Network. Since the Open Offer was launched, our discussions with Mr. Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness," the statement also read.

The Roys also said, " Mr. Adani has invested in a brand that is synonymous with Trust, Credibility, and Independence, and we are hopeful that he will preserve these values and expand upon them with all the responsibility required of a leader of an organization of this nature. We look forward to watching NDTV, and its entire extraordinary team, delivering the next phase of growth, one that India can be proud of."

NDTV in a regulatory filing with the Bombay Stock Exchange (BSE) gave out details of the share transfer. In their personal capacity, Prannoy Roy and Radhika Roy held 32. Per cent share in NDTV in their personal capacity. This is apart from the holding through RRPR Holding, which had been acquired by the Adani Group earlier. From this personal stake, they have transferred 27.26 per cent of the shares to the RRPR Group now held by the Adani Group. With this the stake of the RRPR Group in NDTV has gone up to 56.45 per cent as it already owned 29.18 per cent stake, while Vishvapradhan Commercial Private Limited which is also under the control of the Adani Group has 8.27 per cent stake in NDTV. With this the total stake of the Adani Group in NDTV has gone up to 64.71 per cent while the promoters have just 5 per cent stake.

On November 11, the Adani Group announced that it would launch an open offer to acquire an additional 26 per cent of NDTV's public shares. On December 20, the Adani Group's Vishvapradhan Commercial Private Limited acquired 8.27 per cent stake in NDTV through an open offer.