NDTV promoter transfers 99.5% stake to Adani’s VCPL; founders quit

Prannoy Roy and Radhika Roy resign as directors

(L-R) Prannoy Roy and Radhika Roy of NDTV

New Delhi Television’s (NDTV) promoter company RRPR Holding has transferred 99.5% of its equity shares to the Adani group-owned Vishvapradhan Commercial (VCPL), taking billionaire Gautam Adani a step closer to taking over one of India’s biggest broadcasting houses. The transaction was in consonance with a conversion notice issued by VCPL on 23 August 2022, media reports said. 

NDTV founders Prannoy Roy and Radhika Roy have also resigned as directors of the promoter group vehicle RRPRH with immediate effect, the company said in a regulatory filing. The board of RRPR Holding also approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan as Directors on its board with immediate effect, NDTV said.

The share transfer will give Gautam Adani a 29.18% stake in NDTV. The port-to-power conglomerate led by Adani has another open offer for another 26% stake in the media group. 

“We hereby inform you that VCPL has received a letter from RRPR Holding Private Limited (‘RRPR’) (through its lawyer) dated 28 November 2022, confirming to issue equity shares constituting 99.5% of its equity capital to VCPL on November 28, 2022,” said Adani Enterprises in its regulatory filing, LiveMint reported.

The open offer, which began on November 22, has seen shareholders tender 5.3 million shares, or 31.78% of the issue size of 16.7 million shares, so far, the exchange data showed.

NDTV has three national news channels – NDTV 24×7, NDTV India and NDTV Profit, besides having a strong online presence. 

A decade ago, NDTV founders Radhika and Prannoy Roy took a Rs 4 billion ($49.00 million) loan from a company that Adani acquired in August. In exchange, they issued warrants that allowed the company to acquire a 29.18 per cent stake in the news group.

(This article was updated on 30 November to include the resignation of the NDTV founders)

In 2024, we are looking at full recovery and growth-led investment in Indian printing

Indian Printer and Publisher founded in 1979 is the oldest B2B trade publication in the multi-platform and multi-channel IPPGroup. It created the category of privately owned B2B print magazines in the country. And by its diversification in packaging, (Packaging South Asia), food processing and packaging (IndiFoodBev) and health and medical supply chain and packaging (HealthTekPak), and its community activities in training, research, and conferences (Ipp Services, Training and Research) the organization continues to create platforms that demonstrate the need for quality information, data, technology insights and events.

India is a large and tough terrain and while its book publishing and commercial printing industry have recovered and are increasingly embracing digital print, the Indian newspaper industry continues to recover its credibility and circulation. The signage industry is also recovering and new technologies and audiences such as digital 3D additive printing, digital textiles, and industrial printing are coming onto our pages. Diversification is a fact of life for our readers and like them, we will also have to adapt with agility to keep up with their business and technical information needs.

India is one of the fastest growing economies in nominal and real terms – in a region poised for the highest change in year to year expenditure in printing equipment and consumables. Our 2024 media kit is ready, and it is the right time to take stock – to emphasize your visibility and relevance to your customers and turn potential markets into conversations.

– Naresh Khanna

Subscribe Now


Please enter your comment!
Please enter your name here