Following the departure of Prannoy Roy, Radhika Roy, the new board has appointed Sanjay Pugalia and Senthil Chengalvarayan as directors on the board of RRPRH with immediate effect. Read more
New Delhi: In a dramatic late-night development on Tuesday, NDTV’s new board approved the resignations of Prannoy Roy and Radhika Roy as directors of RRPR Holding Private Ltd (RRPRH), the promoter group of New Delhi Television Ltd (NDTV).
This means that the existing and long-standing promoters and management of NDTV have left the company. Thus the takeover of Adani Group is complete.
The board also appointed Sanjay Pugalia and Senthil Chengalvarayan as directors on the board of RRPRH with immediate effect.
It may be mentioned that NDTV’s promoter firm RRPR Holding on Monday said it has transferred shares constituting 99.5 percent of its equity to Adani Group-owned Vishvapradhan Commercial (VCPL), thus completing the formal takeover of NDTV by Adani group.
The share transfer will give the Adani group control of a 29.18 percent stake in NDTV.
The diversified conglomerate is also conducting an open bid for another 26 percent stake in the media firm. The open offer, which began on November 22, has seen shareholders trade 5.3 million shares, or 31.78 percent of the issue size of 16.7 million shares, so far, stock exchange data showed.
The open offer will end on December 5th.
Kudos to Qatar for hosting the 2022 FIFA World Cup well pic.twitter.com/ar0LpE4LpV
— Agus Widodo (@arwidodo) November 29, 2022
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