Prannoy Roy and Radhika Roy have resigned as board directors of RRPRH, the NDTV promoter group. Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan have been appointed as directors on the board of RRPRH, according to an exchange filing.
This comes just a day after RRPR Holding Private Limited, a promoter firm of the media conglomerate, issued equity shares constituting 99.5 percent of its equity share capital to Vishvapradhan Commercial Private Limited (VCPL), which was acquired by Adani. With this, the Adani Group formally acquired a 29.18% stake in NDTV.
VCPL is a wholly owned subsidiary of AMG Media Networks, which houses the Adani Group’s media business.
The Adani Group has acquired 29.18% of NDTV and has launched an open offer to purchase the remaining 26% of the media company. A total of 39.35 lakh equity shares had been tendered as of last Friday, representing 23.48 percent of the maximum offer size of nearly 1.68 crore equity shares.