Prannoy Roy and his wife Radhika Roy, the founders and promoters of the channel New Delhi Television (NDTV), have resigned as directors on the Board of RRPR Holding Private Limited, an NDTV promoter group vehicle, according to a regulatory filing to stock exchanges on November 29.
RRPR Holding, NDTV's promoter group vehicle, owns 29.18 per cent of the company, which is being acquired by the Adani group, which is led by businessman Gautam Adani.
"RRPRH has approved Sudipta Bhattacharya, Sanjay Pugalia & Senthil Sinniah Chengalvarayan as new directors on Board with immediate effect," the statement added.
Vishvapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks Limited, which is also a 100 per cent subsidiary of Adani Enterprises Limited, exercised the rights and acquired 99.5 per cent of the equity shares of RRPR Holding Private Limited, a promoter group company of NDTV, earlier this year.
Following this, Adani Group decided to make an open offer to acquire the remaining 26 per cent state stake in NDTV, bringing the group's total stake to 55.18 per cent, sufficient to acquire ownership of NDTV.
Earlier in October, the Adani Group informed both the BSE and NSE that its indirect subsidiary, Vishvapradhan Commercial Pvt Limited (VCPL), had made an open offer to New Delhi Television Ltd's public shareholders.
However, the Roys hold a 32.26 per cent stake in NDTV.
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