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Adani Group to have its nominees on NDTV Board

The Board of New Delhi Television Ltd (NDTV) has approved a proposal to invite the Adani Group’s RRPR Holding Private Ltd to nominate two Directors to the former’s Board.

The decision was taken at the Board meeting of NDTV that was held on Friday and intimated to the bourses later in the day. RRPR Holding holds a 29.18 percent stake in NDTV.

The appointment will be considered in the next meeting of the Board of Directors, scheduled to be held on December 23, NDTV said.

Also Read: Auditors raise doubts over NDTV’s ability to continue as going concerned

With the Adani Group acquiring a 99.5 percent stake in RRPR Holding, the latter’s original promoters Prannoy Roy and Radhika Roy resigned as Directors recently.

However, Prannoy Roy and Radhika Roy hold 15.94 percent and 16.32 percent stakes, respectively, in NDTV.

On the other hand, Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan were appointed as Directors of RRPR Holdings.

The Adani Group has also made an open offer to acquire an additional 26 percent stake in NDTV at a price of Rs 294 per share.

Meanwhile, at the bourses, NDTV share prices are on a downward slide after touching a high of Rs 470.05 on December 1. On Friday, the share closed at Rs 330.95 on the BSE.

 

 

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