New Delhi: New Delhi Television Ltd (NDTV) founders Radhika and Prannoy Roy said in a statement Friday that they had decided to divest most of their shares to the Gautam Adani-owned subsidiary AMG Media Network, which is now the single-largest shareholder of the news channel.
Of their 32.3% stake in NDTV, the Roys will sell 27.26% to Adani and will retain a minority 5% in the company.
AMG, a wholly owned subsidiary of Adani Enterprises Limited, has acquired its shares in the company through acquisition and an open offer.
In the statement, the NDTV founders said since Adani’s open offer in the market was launched, “our discussions… have been constructive; all the suggestions we made were accepted by him positively and with openness.”
The Roys said they had started NDTV in 1988 in the belief that “journalism in India was world-class but needed a strong and effective broadcast platform that would allow it to grow and shine”.
They said Adani had invested in a brand that was “synonymous with Trust, Credibility and Independence, and we are hopeful that he will preserve these values…”
Gautam Adani’s conglomerate on 5 December raised its stake in NDTV to more than 37% through an open offer, making it the biggest shareholder of one of the country’s most popular news networks.
Before that, Adani had acquired a stake of about 29.2% in NDTV by buying a company backed by the Roys, who then had a 32.3% stake in NDTV.
Adani, however, has said that he sees the takeover of NDTV as a “responsibility” rather than a business opportunity, adding that he has invited Prannoy Roy to remain as chair when the acquisition is completed.
Also read: India’s NDTV founders to transfer most of their stake to Adani