NDTV founders to sell their stake to Gautam Adani

New Delhi Television Ltd (NDTV)’s founders Prannoy Roy and Radhika Roy have decided to sell a 27.26% stake in NDTV to an entity owned by billionaire Gautam Adani, giving him 64.71% of NDTV. Radhika and Prannoy Roy will keep a combined 5% stake in NDTV.

In a joint statement to stock exchanges, the founders said they hoped that Gautam Adani, owner of AMG Media Network, “will preserve the values of trust, credibility and independence” that NDTV stands for. Prannoy and Radhika said “Mr. Adani has invested in a brand that is synonymous with Trust, Credibility and Independence, and we are hopeful that he will preserve these values and expand upon them with all the responsibility required of a leader of an organisation of this nature.”

The founders said in a statement, “The AMG Media Network, after the recent open offer, is now the single largest shareholder in NDTV. Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media Network. Since the open offer was launched, our discussions with Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness.”

Adani already held more than 37% in NDTV after an open offer and an earlier acquisition of a company owned by the founders. Shares of NDTV have jumped more than 16% since the Adani group launched its takeover bid for the media group.