Adani takes over NDTV, Prannoy and Radhika Roy resign

Prannoy Roy and Radhika Roy have resigned as board members of RRPR Holding Private Limited (RRPRH) with effect as a result of the Adani Group’s open offer to purchase New Delhi Television Limited (NDTV). This decision was made on November 29. Radhika Roy is an Executive Director of NDTV, while Prannoy Roy is the company’s Chairperson.

Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan have been appointed as Directors on the board of RRPR Holding with immediate effect, according to NDTV in an exchange filing.

In August Adani Group acquired 29.18 per cent stake in television channel NDTV Ltd, and said it would launch an open offer to buy another 26 per cent. An open offer is made by the acquirer to the shareholders of the target company inviting them to tender their shares at a particular price and Adani emerged as the largest shareholder and came a step closer to acquire the media firm. The Roys could have counter-offered Adani, but doing so would have needed substantial financial resources.

Source: Indian Express

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