Prannoy, Radhika Roy resign
The new NDTV board approved the resignations of Prannoy Roy and Radhika Roy as directors of RRPR Holding Private Ltd (RRPR), the promoter group vehicle of New Delhi Television Ltd (NDTV), in a dramatic late-night development on Tuesday. With the exit of existing and longstanding promoters and management of NDTV, the Adani Group takeover is thus complete.
RRPR Holding has also approved the appointment of Sudipta Bhattacharya, the chief technology officer of Adani Group, and Senthil Sinniah Chengalvarayan, an official of Vishvapradhan Commercial Pvt Ltd, as directors on its board.
The stock market was upbeat on Tuesday after the Adani group acquired a 99.5 percent holding in RRPR Holding Private Ltd, the promoter group vehicle of news media company New Delhi Television Ltd (NDTV).
It needs to be mentioned that NDTV’s promoter firm RRPR Holding had on Monday stated that it had transferred shares constituting 99.5 percent of its equity capital to Adani Group-owned Vishvapradhan Commercial Pvt Ltd (VCPL), thus completing the official takeover of NDTV by the Adani Group.
Led by the Roys, RRPR Holding Private Ltd had taken a loan of Rs.400 crore from VCPL over a decade ago. The terms of the loan agreement allowed VCPL to acquire a 29.18 percent stake in NDTV, in case of the loan not being repaid.
The diversified conglomerate is also conducting an open offer for another 26 percent stake in the media firm. The open offer, which began on November 22, has seen shareholders tender 5.3 million shares, or 31.78 percent of the issue size of 16.7 million shares, so far, the exchange data showed. The open offer will close on December 5.
[With Inputs from IANS]
PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views
For all the latest updates, download PGurus App.
- Siddaramaiah govt under NCBC lens after it pushes for Religion-based quota in Karnataka - April 24, 2024
- RBI bans Kotak Mahindra Bank from onboarding new customers via online, mobile banking channels and issuing new credit cards - April 24, 2024
- JP Morgan CEO lauds economic reforms by Modi govt; says PM Modi lifted 400 mn people out of poverty - April 24, 2024
First they design & then resign !!
Where did the money go ? Switzerland…… Modi & Adani will get every year 1 week paid holiday in Switzerland – Courtesy – Prannoy Roy, for being considerate & soft towards NDTV.
They got the money & to live happily ever after in Switzerland !! They will rent out Davos resorts to Modi & Adani during Davos summit every year