NDTV founders Prannoy Roy and his wife Radhika Roy on Friday said they will sell 27.26 percent out of their remaining 32.26 percent shareholding in the news broadcaster to Adani Group.
“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 organisation of this nature,” Prannoy and Radhika said.
This follows Adani Group becoming the single largest shareholder in New Delhi Television Ltd (NDTV) after first buying out a company backed by the founders and then acquiring more shares from the open market.
“Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to (Adani Group firm) AMG Media Network,” the founders said in a statement to stock exchanges.
The two together hold 32.26 percent stake in NDTV while Adani Group now holds 37.44 percent shareholding in the company.
Of the 32.26 percent stake, the couple will sell 27.26 percent while retaining a minority 5 percent shareholding in the company.
“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. (With PTI inputs)