Radhika Roy, Prannoy Roy Resign From NDTV Promoter Firm RRPR Holding's Board
Sudipta Bhattacharya, Sanjay Pugalia and Senthil Chengalvarayan appointed as directors of RRPR Holding.
New Delhi Television Ltd. founders Prannoy Roy and Radhika Roy have resigned from the board of promoter entity RRPR Holding.
The board of RRPR Holding also approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as directors with immediate effect, according to the media company's exchange filing on Tuesday.
Adani Group-controlled Vishvapradhan Commercial Pvt. has gained control of NDTV's promoter entity. On Monday, RRPR Holding issued equity shares constituting 99.5% of its equity share capital to VCPL.
Adani Enterprises Ltd. had confirmed in a separate filing that VCPL has received a letter from RRPR Holding confirming issue of equity shares constituting 99.5% stake.
Adani Group had acquired Vishvapradhan Commercial and sought conversion of warrants issued by NDTV’s promoters into equity.
Adani entities have also made an open offer to acquire 26% share capital of NDTV and that will end on Dec. 5. About 1.6 crore shares are offered at Rs 294 apiece.
Earlier today, NDTV shares closed 5% higher on the BSE compared with 0.28% rise in the Sensex.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.