Home News NDTV says Prannoy, Radhika Roy resigned as directors of promoter group

NDTV says Prannoy, Radhika Roy resigned as directors of promoter group

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NDTV says Prannoy, Radhika Roy resigned as directors of promoter group
New Delhi Television Ltd founders Prannoy Roy and Radhika Roy have resigned as directors of promoter group automobile RRPRH with rapid impact, the corporate mentioned in a regulatory submitting.

NDTV had mentioned on Monday an entity backed by the founders had issued shares of the corporate to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate a step nearer to regulate of the media agency.

The switch of shares will give Adani management over a 29.18% stake within the information group. Adani can be conducting an open supply working between Nov. 22 and Dec. 5 for a 26% stake in NDTV.

The open supply drew bids for five.3 million shares as of Monday’s shut, or round 32% the 16.8 million shares on supply, alternate information confirmed.
The ports-to-energy conglomerate run by Asia’s richest man unveiled plans late in August to accumulate a majority stake within the standard information community, seen as a bastion of unbiased media.

More than a decade in the past, NDTV founders Radhika and Prannoy Roy took a 4 billion Indian rupee ($49.00 million) mortgage from an organization that Adani acquired in August. In alternate, they issued warrants that allowed the corporate to accumulate a 29.18% stake within the information group.

NDTV had sought to dam the switch of shares in August, saying its founders had since 2020 been barred from shopping for or promoting shares in India’s securities market, and so can’t switch shares which Adani was making an attempt to safe in a bid to exert management.

NDTV mentioned the entity backed by its founders issued shares after the market regulator’s restrictions on its founders expired on Nov. 26.

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