The founders of New Delhi Television Ltd said on Friday they have decided to transfer most of their shares in the company to billionaire Gautam Adani, giving his conglomerate control of nearly 65% of the news network.
Radhika and Prannoy Roy will sell a 27.26% stake in NDTV to the Adani-owned entity, giving it a 64.71% stake in NDTV, NDTV’s regulatory filings showed. Adani already held more than 37% in NDTV following an open offer and an earlier acquisition of the founder-owned company.
“AMG Media Network is now the single largest shareholder of NDTV following the recent open offer. Subsequently, we have decided by mutual consent to sell the majority of our shares in NDTV AMG Media Network,” the founders said in a statement. .
“Since the opening of the open offer, our discussions with Gautam Adani have been constructive; he has accepted all the proposals we have made positively and openly,” they added.
