NDTV founders Prannoy Roy and Radhika Roy have resigned as directors on the board of RRPR Holding Private Limited (RRPRH) with effect from November 29.
This development comes after the Gautam Adani-led Adani Groups open offer to acquire New Delhi Television Limited (NDTV). On November 22, the Adani Group launched its open offer, which is to remain open until December 5, 2022.
Earlier, on August 23, the Adani Group acquired 29.18 per cent stake in the company and said it would launch an open offer as required by the Securities and Exchange Board of India (SEBI) to buy another 26 per cent in the company.
According to the SEBI (Substantial Acquisition of Shares and Takeovers) Rules, an open offer is made by the acquirer to the shareholders of the target company inviting them to tender their shares at a particular price.
The Adani Group has therefore emerged as a large shareholder, likely to impact control structure of the company.
In a letter on Tuesday, NDTV told the Bombay Stock Exchange, ‘NDTV has been informed by the Promoter Group vehicle RRPR Holding Private Limited (RRPRH) that the Board of Directors at the meeting held today i.e. November 29, 2022, have approved: 1. Appointment of Mr. Sudipta Bhattacharya (DIN: 0006817333), Mr. Sanjay Pugalia (DIN: 0008360398), and Mr. Senthil Sinniah Chengalvarayan (DIN: 02330757), as Directors on the Board of RRPRH, with immediate effect; and 2. Resignation of Dr. Prannoy Roy (DIN: 00025576) and Mrs. Radhika Roy (DIN: 00025625) as Directors on the Board of RRPRH, with effect from the close of business hours of November 29, 2022.
The Roys directly hold 32.36% in the company currently. The single-largest shareholder of NDTV, besides Prannoy and Radhika and the Adani Group, is Mauritius-registered foreign portfolio investor (FPI) LTS Investment Fund Ltd with a 9.75% stake.
According to a Reuters report, an entity backed by NDTV founders, Prannoy Roy is the Chairperson of NDTV and Radhika Roy is an Executive Director, had issued shares to a unit of the Adani Group, taking the conglomerate a step closer to acquiring the media firm.