NDTV Founders to Get Rs 602 Crore from Sale of 27.26% to Adani Enterprises

NDTV Founders to Get Rs 602 Crore from Sale of 27.26% to Adani Enterprises: Prannoy Roy and his wife Radhika Roy, the founders of NDTV, sold an additional 27.26% ownership share to The Adani Group, which announced the deal to stock exchanges. The billionaire Gautam Adani-backed Adani Group acquired shares from Roys at Rs 342.65 per share which was 16.55 per cent higher than the open offer price of Rs 294 per share.

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An indirect subsidiary of the corporation, Vishvapradhan Commercial Private Limited, owns 8.27% of the equity in NDTV, while RRPR previously owned 29.18% of the ownership in NDTV. Following the current transaction, RRPR will hold 56.45% of the company. Adani Group has acquired Roys’ share at deal worth Rs 602.30 crore. On December 30, 2022, the transaction was finalised on the NSE block deal window.

About The Whole Time-line of This Acquisition:

Adani Group inadvertently purchased RRPR Holding Pvt Ltd in August, which led to an open offer to buy an additional 26% of the media company. Adani Group acquired a 29.18 per cent stake in NDTV by buying a company backed by the television network’s founders, Radhika Roy and Prannoy Roy. Thereafter, it made an open offer to acquire an additional 26 per cent from public shareholders.

Despite the substantial discount from the stock’s market price, investors were willing to sell approximately 53 lakh shares of NDTV in response to that open offer. The stock tendered translated to an 8.26 per cent shareholding, taking the total interest of Adani Group in NDTV to 37.44 per cent – higher than the 32.26 per cent holding of founders.