By Siddhant Mishra
Shares of media company New Delhi Television (NDTV) rose 5% to Rs 447.70 on Wednesday, hitting the upper circuit for the fourth straight session. NDTV announced in a stock exchange filing late on Tuesday that founders Prannoy and Radhika Roy have resigned from the board of directors of promoter group vehicle RRPR Holding.
The appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Chengalvarayan was approved.
Earlier, RRPR had transferred 99.5% equity interest in NDTV to Adani Group-owned Vishvapradhan Commercial (VCPL). This would give the latter an over 29% stake, given that the Roys still hold close to 32% stake in the channel, according to the company’s shareholding pattern available on the exchanges.
In the last three months, shares of NDTV have dropped 5.34%. However, the stock has surged almost 285% on a year-to-date (YTD) basis.
The Adani Group had announced its takeover of NDTV back in August, and earlier this month said it would launch an open offer on November 22, which would run till December 5 and entail 16,762,530 fully paid-up equity shares carrying a face value of `4 apiece, representing 26% of the voting share capital.