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New Delhi Television Ltd. (NDTV) founders Prannoy Roy and Radhika Roy have resigned as directors from the board of promoter entity RRPR Holding, with effect from Tuesday, NDTV said in an announcement to the stock exchanges.
RRPR Holding board has also approved the appointment of Adani group representatives Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan as directors with immediate effect. Adani Group-controlled Vishvapradhan Commercial Pvt. (VPCL) has gained control of NDTV’s promoter entity.
RRPRH holds 29 per cent stake in NDTV. On Monday, RRPR Holding issued equity shares constituting 99.5 per cent of its equity share capital to VCPL, Adani Enterprises Ltd said in a separate filing to the stock exchanges. The transfer of shares will give the Adani group control over a 29.18 per cent stake in NDTV.
Adani entities have also made an open offer to acquire 26 per cent share capital of NDTV and that will end on December 5. About 16 million shares are offered at Rs 294 apiece.
Gautam Adani, chairman of the Adani group, in an interview with the Financial Times, recently said the NDTV purchase was a “responsibility” rather than a “business opportunity” for him, and invited NDTV owner-founder Prannoy Roy to remain its head.
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