NDTV founders to sell most of their stake in broadcaster to Adani Group

Radhika and Prannoy Roy will sell a 27.26 per cent stake in NDTV to Adani

NDTV founders Prannoy Roy and his wife Radhika Roy on Friday said they will sell 27.26 per cent out of their remaining 32.26 per cent shareholding in the news broadcaster to Adani Group.

This follows Adani Group becoming the single largest shareholder in New Delhi Television Ltd (NDTV) after first buying out a company backed by the founders and then acquiring more shares from the open market.

"Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to (Adani Group firm) AMG Media Network," the founders said in a statement to stock exchanges.

The two together hold 32.26 per cent stake in NDTV while Adani Group now holds 37.44 per cent shareholding in the company. Of the 32.26 per cent stake, the couple will sell 27.26 per cent while retaining a minority 5 per cent shareholding in the company.

"Since the open offer (by Adani Group) was launched, our discussions with Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness," they said in the statement.