Adani Group completes acquisition of NDTV
Adani Group has completed the acquisition of NDTV, just days after NDTV founders Prannoy Roy and Radhika sold their share in the media company.
The group informed the Bombay Stock Exchange, “We hereby inform you that RRPR, an indirect subsidiary of the Company and member of the promoter/promoter group of NDTV, has acquired 27.26% equity stake in NDTV from Mr. Prannoy Roy and Mrs. Radhika Roy (“Sellers”) by way of inter-se transfer under Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.”
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RRPR will now hold a 56.45% stake in NDTV after acquiring a 27.26% stake from Roys at the price of Rs. 342.65 per share. The deal equates to Rs. 600 crore being paid to the Roys for the shares.