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Discussions with Gautam Adani have been constructive since the open offer was launched and the suggestions that have been made were accepted by Adani Group chief "positively and with openness", NDTV founders Prannoy Roy and Radhika Roy said in a statement on Friday.
The AMG Media Network, after the recent open offer, is now the single-largest shareholder in NDTV, the statement said. "Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media Network," it said. "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," it added. The NDTV founders have proposed to transfer 27.26 per cent of their shares in the media company to Adani Group. Radhika and Prannoy Roy will sell 13.44 per cent and 13.82 per cent stake respectively, in NDTV to an entity owned by Adani group - RRPR Holding, NDTV said in a stock exchange filing on Friday. This will give Adani Group control over nearly 65 per cent of the news network. The Adani Group already holds 37 per cent of the stake after an open offer and an earlier acquisition. "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," the NDTV founders said, adding that they look forward to watching NDTV and its team delivering the next phase of growth. "We started NDTV in 1988 in the belief that journalism in India was world-class but needed a strong and effective broadcast platform that would allow it to grow and shine," the statement added. (ANI)
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