NDTV’s founders Prannoy Roy and Radhika Roy have decided to divest their shares in the news channel to the AMG Media network, a wholly-owned subsidiary of Adani Enterprises.

The Roys held a 32.26% stake in NDTV as promoters. On November 30, they had resigned from RRPR, or Radhika Roy Prannoy Roy, Holding Private Limited, which held 29.18% of their total stake in the news channel.

With the current development, AMG Media Network is the single-largest shareholder in NDTV.

“Since the open offer was launched, our discussions with Mr Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness,” the Roys said in a statement.

They added, “Mr Adani has invested in a brand that is synonymous with Trust, Credibility and Independence, and we are hopeful that he will preserve these values and expand upon them with all the responsibility required of a leader of an organisation of this nature.”

Adani Group’s acquisition of NDTV stake

On August 23, AMG Media Networks Limited bought 100% of the equity stakes in Vishvapradhan Commercial Private Limited, or VCPL, for Rs 113.74 crore.

Later in the month, the Adani Group announced that it will acquire a 29.18% stake in NDTV through VPCL. NDTV had then said that the takeover was done without the consent or any sort of notice served to Radhika Roy and Prannoy Roy.

The acquisition was possible as VCPL had given a loan of Rs 403.85 crore to NDTV in 2009. According to the terms of the loan, the company held the right to exercise its warrants and convert the loan amount into equity shares – which it did after being brought by the Adani Group.

In November, the Adani Group, a ports-to-energy conglomerate, decided to make an open offer to acquire an additional 26% stake in NDTV. This will bring the group’s total stake to 55.18%, enough to allow it to take NDTV’s ownership rights.

The offer opened for subscription on November 22 and continued till December 5.

Meanwhile, NDTV has written to the Securities and Exchange Board of India, asking the markets regulator to determine if its 2020 order barring its promoters from making any deals in the securities market restricts the Adani Group from acquiring its shares.