Adani buys Roys’ 27.26% stake in NDTV for Rs 602 cr

New Delhi, December 30

The Adani Group on Friday acquired 27.26% equity stake in NDTV from its founders Prannoy Roy and his wife Radhika Roy for Rs 602.3 crore.

“RRPR, an indirect subsidiary of the company and member of the promoter/promoter group of NDTV, has acquired a 27.26% equity stake in NDTV from Prannoy Roy and Radhika Roy by way of inter-se transfer. The acquisition was completed on December 30, 2022 on the block,” said an Adani Enterprises’ regulatory filing to the bourses.

Deal dynamics

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• On December 23, Prannoy Roy and Radhika Roy had announced to sell 27.26% out of their remaining 32.26% shareholding in the NDTV to the Adani Group
• VCPL, an indirect subsidiary of the company, holds 8.27% stake in NDTV and RRPR (prior to the present acquisition) held 29.18% stake in NDTV. Consequent to the present acquisition, RRPR will hold 56.45%

“Vishvapradhan Commercial Private Limited (an indirect subsidiary of the company) holds 8.27% equity stake in NDTV and RRPR (prior to the present acquisition) held 29.18% equity stake in NDTV. Consequent to the present acquisition, RRPR will hold 56.45%,” it added.

The Roys sold their equity at Rs 342.65 per share, which is 17% higher than what was offered to other shareholders in the open offer that closed on December 5. This premium may attract the attention of SEBI as such a difference in payouts is not allowed unless the selling company (RRPR) is part of the group offloading the shares. Roys had given up on December 23 when they announced their decision to sell off 27.26% of their holding while retaining 5% of the shares.