New Delhi Television Ltd (NDTV)’s founders Prannoy Roy and Radhika Roy said on December 23 that they have decided to transfer most of their shares in the company to billionaire Gautam Adani, giving his conglomerate control over nearly 65 percent of the news network.
Radhika and Prannoy Roy will sell a 27.26 percent stake in NDTV to an entity owned by Adani, giving it 64.71 percent of NDTV, regulatory filings by NDTV showed.
Adani already held more than 37 percent in NDTV after an open offer and an earlier acquisition of a company owned by the founders.
“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,” the founders said in a statement.
“Since the open offer was launched, our discussions with Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness,” they added.
Radhika and Prannoy Roy will retain a combined five percent stake in NDTV.