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.
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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