Prannoy And Radhika Roy To Sell Most Of Their Shares In NDTV To Adani Group

NDTV founders Prannoy and Radhika Roy on Friday (23 December) announced that they have decided to sell most of their shares in the media company to the Adani Group.

AMG Media Network Limited, the media arm of the Gautam Adani-Led Adani Group, already holds more than 37 percent in NDTV after an open offer that closed early this month, 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," Prannoy and Radhika Roy said in a statement on Friday.

"Since the Open Offer was launched, our discussions with Mr. Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness," the statement added.

After the closing of the open offer, Adani Group became the largest shareholder in NDTV with 37.45 per cent stake in the company, surpassing the Roys, who collectively held around 32.26 per cent of the shares.

With the Roys selling their shares to Adani Group, the conglomerate will now hold nearly 65 per cent of NDTV shares, Moneycontrol reported.

Radhika and Prannoy Roy will reportedly retain a combined five percent stake in NDTV.