Why NDTV shareholders have tendered over 53 lakh shares below market price

Prannoy Roy and Radhika Roy have quit as directors of NDTV promoter group RRPRH.

WrittenBy:Tanishka Sodhi
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Prannoy Roy and Radhika Roy have quit as directors of NDTV promoter group vehicle RRPRH with immediate effect while the Adani group inches closer to a takeover of the television network.

Sudipta Bhattacharya, the chief technology officer of Adani group; Sanjay Pugalia, senior journalist and CEO of Adani's AMG Media Network; and journalist Senthil Sinniah Chengalvarayan are taking over as directors of the board, NDTV said in a regulatory filing on Tuesday night.

This came a day after NDTV’s largest shareholder, RRPRH, announced that it had transferred shares constituting 99.5 percent of its equity capital to VCPL – a company which was earlier allowed to buy 29.18 percent of NDTV through a loan agreement and was acquired by Adani. The transfer of shares on Monday came after a two-year ban imposed by SEBI on the Roys in the matter of dealing in securities expired this weekend.

The Roys, however, still hold 32.36 percent shares of NDTV – Prannoy owns 15.94 percent, while Radhika has 16.32 percent. 

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