New Delhi: The new NDTV board approved the resignations of Prannoy Roy and Radhika Roy as directors of RRPR Holding Private Ltd (RRPR), the promoter group vehicle of New Delhi Television Ltd (NDTV).
This means that the existing and longstanding promoters and management of NDTV has exited the company. The Adani group takeover is thus complete, IANS reported.
The board also appointed Sanjay Pugalia and Senthil Chengalvarayan as directors on RRPRH board with immediate effect.
On Monday, NDTV’s promoter firm RRPR Holding had stated that it had transferred shares constituting 99.5 per cent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL), thus completing the official takeover of NDTV by the Adani group.
The transfer of shares will give the Adani group control over a 29.18 per cent stake in NDTV. The diversified conglomerate is also conducting an open offer for another 26 per cent stake in the media firm.
The open offer, which began on November 22,and will end on December 5, has seen shareholders tender 5.3 million shares, or 31.78 per cent of the issue size of 16.7 million shares, so far, the exchange data showed, the news agency report said.