Guwahati: New Delhi Television (NDTV) founder and promoter Prannoy Roy and his wife Radhika Roy have resigned from their positions as directors on the board of RRPR Holding Private Limited, NDTV’s promoter group vehicle, the company announced in a regulatory filing to the stock exchanges on Tuesday.
The NDTV promoter group vehicle, RRPR Holding, owns a 29.18 percent ownership in the company, which is being acquired by the Gautam Adani-owned Adani group.
“NDTV’s promoter group vehicle RRPRH has approved Prannoy Roy and Radhika Roy’s resignation following a meeting held on November 29”, the statement read.
“RRPRH has approved Sudipta Bhattacharya, Sanjay Pugalia & Senthil Sinniah Chengalvarayan as new directors on Board with immediate effect,” the statement added.
In August of this year, RRPR Holding Private Limited, a promoter group company of NDTV, exercised its rights and sold 99.5% of its equity shares to Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited (AMNL), which is a 100% subsidiary of Adani Enterprises Limited (AEL).
Following this, the Adani Group made the decision to launch an open offer to purchase the remaining 26 percent state interest in NDTV, bringing its total holding in the company to 55.18 percent—sufficient to gain ownership of NDTV.
An open offer had been made to the public shareholders of New Delhi Television Ltd. by the indirect subsidiary of the Adani Group, Vishvapradhan Commercial Pvt Limited (VCPL), earlier in October, the Adani Group told both the BSE and NSE markets.
However, the Roys do own 32.26 percent of NDTV.