Adani group takes over NDTV, Prannoy Roy, wife Radhika Roy resign from promoter firm
RRPR, which has been acquired by the Adani Group, held 29.18 per cent stake in the news channel. The Roys, however, still hold a 32.26 per cent stake in NDTV
The Adani group tookover the television channel NDTV after founders Prannoy Roy and his wife Radhika Roy have resigned as the directors of promoter group vehicle RRPR Holding Private Limited.
RRPR, which has been acquired by the Adani Group, held 29.18 per cent stake in the news channel. The Roys, however, still hold a 32.26 per cent stake in NDTV as promoters and have not resigned from the board of the news channel.
NDTV founders Radhika and Prannoy Roy had taken an interest-free loan of over Rs 400 crore from a company that Adani group acquired in August.RRPR, which has been acquired by Adani Group.
In August 23, 2022, the Adani group acquires a 100 percent stake in Vishvapradhan Commercial Private Limited(VPCL)
The VCPL owned, convertible debentures in Radhika Roy Prannoy Roy (RRPR) Holding Pvt Ltd, which in turn owned 29.18 per cent stake in NDTV Ltd. So with the VCPL purchase, the Adani Group indirectly acquired these debentures.
This transfer of shares will now give the Adani group direct control over a 29.18 per cent stake in NDTV.
Ms Kalinga