NDTV Board approves resignation of Prannoy Roy and Radhika Roy

New Delhi Television Ltd (NDTV) on November 29 said that its promoter entity RRPR Holding Pvt Ltd has approved the resignation of Radhika Roy and Prannoy Roy as directors on the firm's board.

The board has also approved the appointment of Sanjay Pugalia and Senthil Chengalvarayan as directors on board of RRPRH with immediate effect.

The conglomerate, run by India's richest man Gautam Adani, in August acquired a little-known company that lent over Rs 400 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the newsgroup at any time.

Post that, VCPL - the firm that the Adani group bought out - announced that it would launch an open offer on October 17 to buy an additional 26 per cent stake from minority shareholders of NDTV. However, the offer was delayed since Sebi had not given its approval to the open offer.

VCPL along with AMG Media Networks and Adani Enterprises Ltd had proposed to acquire an additional 26 per cent or 1.67 crore equity shares at an offer price of Rs 294 per share.

If fully subscribed, the open offer will amount to Rs 492.81 crore at a price of Rs 294 per share.

"The decision to acquire NDTV was arrived at in furtherance of the Adani Group's objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision," Adani Enterprises had said in a regulatory filing in October.

On Monday, shares of NDTV closed at Rs 382.20 on BSE, down 5 per cent, touching a lower circuit.