Adani Group gets two nominees on the board of NDTV after the proposal is approved

The Board of New Delhi Television Ltd (NDTV) has approved a proposal to Adani group‘s RRPR Holding Private Ltd to nominate two directors to the former board of directors.



The decision was made at NDTV’s board meeting held on Friday and communicated to the exchanges later in the day.

RRPR Holding has a 29.18 percent interest in NDTV.

The nomination will be considered at the next meeting of the Board of Directors, scheduled for Dec. 23, NDTV said.

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

However, Prannoy Roy and Radhika Roy own 15.94 percent and 16.32 percent shares in NDTV respectively.

On the other hand, Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan were appointed as a director 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, NDTV share prices on the exchanges have been falling after reaching a high of Rs 470.05 on Dec 1.

On Friday, the stock closed at Rs 330.95 on the BSE.

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