Adani Group is all set to become the single-largest shareholder in media major New Delhi Television Limited (NDTV) as the open offer, which closed on Monday, saw a total of 5.33 million equity shares being tendered.
Along with his earlier acquisition of 29.18 percent in NDTV through Vishvapradhan Commercial Private Limited (VCPL), the Gujarat-headquartered conglomerate will now own a 37.5 percent stake in the media company.
In August, the Adani Group acquired an indirect 29.18 percent stake in NDTV — a company promoted by Prannoy Roy and Radhika Roy — by acquiring the shares VCPL —which, in turn, held a 99.5 percent stake in RRPR Holding, a promoter group entity.
Both Prannoy Roy and Radhika Roy resigned from the board of RRPR Holdings on November 29. Media veterans Sanjay Pugalia and Senthil Chengalvarayan along with Sudipta Bhattacharya (CEO of Adani Group North America, and CTO, of Adani Group) were appointed directors in the firm.
India’s first and largest private producer of news current affairs and entertainment television. A media and broadcasting company was incorporated on 8th September of the year 1988 as New Delhi Television Private Limited. NDTV is home to the country’s best and brightest reporters anchors and producers 23 offices and studios across the country host India’s most modern and sophisticated production and newsgathering facilities.
In the year 1989, the company produced ‘The World This Week’. Times of India rated it among India’s top five timetables. Produced live coverage of the annual Union Budget during the year 1990. The Company’s standing was converted from a private limited into a public limited enterprise and its name was changed to New Delhi Television Limited also the company obtained a fresh certificate of incorporation on 31st August of the year.