In a dramatic late-night development on Tuesday, 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).
This means that the existing and longstanding promoters and management of NDTV have exited the company. The Adani group takeover is thus complete.
The board also appointed Sanjay Pugalia and Senthil Chengalvarayan as directors on the RRPRH board with immediate effect.
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 (VCPL), thus completing the official takeover of NDTV by the Adani group.
The transfer of shares will give the Adani group control over a 29.18 percent stake in NDTV. 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.