Gautam Adani to control nearly 65% of NDTV as founders sell stake

The founders of New Delhi Television Ltd said on Friday that they have decided to transfer most of their shares in the company to billionaire Gautam Adani, giving his group control of about 65% of the news network.

Radhika and Prannoy Roy will sell 27.26% stake in NDTV to the Adani-owned entity, giving it 64.71% of NDTV, regulatory filings by NDTV have revealed.

Adani already held over 37% stake in NDTV following the open offer and earlier acquisition of the company owned by the founders.

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“AMG Media Networks, following the recent open offer, is now the largest shareholder in NDTV. Consequently, by mutual agreement, we have decided to sell majority of our shares in NDTV to AMG Media Networks,” the founders said in a statement. ,

“Since the launch of the open offer, our discussions with Gautam Adani have been constructive; he accepted all suggestions made by us positively and with openness,” he added.

Radhika and Prannoy Roy will retain a combined 5% stake in NDTV.

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