Prannoy Roy and Radhika Roy, the news broadcaster’s founders, announced on Friday that they would sell the Adani Group 27.26 percent of their 32.26 percent ownership stake in the company.
After founders, Prannoy Roy and Radhika Roy chose to sell the Adani Group 27.26 percent of their 32.26 percent ownership stake in the news broadcaster, shares of New Delhi Television (NDTV) increased 5% to Rs 357.60 on Monday.
NDTV traded 3% higher at Rs. 352.10 at 09:50 AM, compared to a 0.84 % increase in the S&P BSE Sensex. The stock increased by 105% during the last six months after Adani Group proposed to buy the majority interest. On September 6, 2022, it had previously reached a record high of Rs 567.85.
“The founders Prannoy Roy and Radhika Roy will sell a portion of their company, thereby bringing the stock of the Gautam-Adani-led group to close to 65% after the latter became the media company’s single largest stakeholder with a 37.45% stake earlier this month. The Roys would continue to own a 5% minority stake in the business “they claimed.
The Adani group initially acquired RRPR Holding, which held a 29.18% share in the news provider, before acquiring an additional 8.27% stake earlier this month via an open offer.
Leading media outlet NDTV has led the way in providing trustworthy news for more than three decades. The corporation runs NDTV 24×7, NDTV India, and NDTV Profit, three national news networks. With more than 35 million followers across various platforms, it continues to be one of the most popular news accounts on social media and has a significant online presence as well.
NDTV reported 421 crore rupees in sales, 123 crore rupees in EBITDA, and 85 crore rupees in net profit in FY22, with very little debt.