NDTV founders Prannoy Roy and Radhika Roy resign from RRPRH board

NDTV had said on Monday an entity backed by the founders had issued shares of the company to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate a step closer to control of the media firm.

In a statement to stock exchanges, NDTV said that it “has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved:

1. Appointment of Mr. Sudipta Bhattacharya , Mr. Sanjay Pugalia, and Mr. Senthil Sinniah Chengalvarayan, as Directors on the Board of RRPRH, with immediate effect; and 2. Resignation of Dr. Prannoy Roy and Mrs. Radhika Roy as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022.”

Adani group is running an open offer until Dec. 5 to buy as much as 16.76 million shares – or 26% of equity – from NDTV’s minority investors. The requirement to hold an open offer was triggered after the Adani Group bought an indirect 29.18% stake in August in the media firm.  The open offer was approved by India’s capital markets regulator earlier this month. Adani Group is on a breakneck expansion spree as the tycoon diversifies beyond his coal-based businesses into airports, digital centers, cements, green energy and now media.

Shares of NDTV have rallied following Adani’s interest in the company. They have risen almost 250% this year.