Gautam Adani, India’s richest man, to control almost 65% of NDTV as founders sell stake

• Shubham
• 23 December, 2022

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By: Shubham Ghosh

Prannoy Roy and Radhika Roy, founders of India’s New Delhi Television Ltd (NDTV), on Friday (23) said that they have taken the decision to transfer most of their shares in the company to businessman Gautam Adani, giving the latter’s conglomerate control over nearly 65 per cent of the news network, Reuters reported.

The Roys will sell a 27.26 percent stake in NDTV to an Adani-owned entity, giving it 64.71 per cent of NDTV, regulatory filings by NDTV showed, according to Reuters.

Adani, richest Asian and one of the richest in the world, already held more than 37 per cent in NDTV following an open offer and an earlier acquisition of a company owned by the founders.

“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,” the founders said in a statement.

“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,” they added.

The Reuters report added that the Roys will retain a combined five percent stake in NDTV.