What is in store for NDTV with exit of Prannoy Roy and Radhika Roy?
The Adani Group, in August, acquired RRPR Holdings Pvt Ltd along with the 29.18 per cent stake of the company in NDTV, India’s leading news channel. Following that, on November 22, Adani kick started the process to acquire additional 26 per cent stakes in the company and also launched open offer for the same until December 5.
The chaos it rendered in NDTV inner circle and top tier was evident after Prannoy Roy and his wife Radhika Roy, founders and promoters of NDTV, resigned on November 29 as directors on the board of RRPR Holdings Private Limited. But what does it really mean for NDTV?
Exit of Roys from RRPR means are they out of NDTV too?
The short answer for this is no, not yet, but this can be a distant possibility. The Roys, though have resigned from the RRPR Holdings’ board but will still continue to be on board of NDTV due to their direct holding in NDTV. RRPR’s stakes in NDTV was 29.18 per cent – which has now gone to Adani. Apart from that, the two founder promoters – Prannoy and Radhika Roy – separately hold 32.26 per cent stake in NDTV. The founder, Prannoy Roy owns 15.94 per cent while Radhika Roy has 16.32 per cent stakes, and these will for now be sufficient for them to hold on to their seats on the NDTV board.
Senior Journalist Ravish Kumar too exits NDTV
A day after resignation of the Roys, celebrated senior journalist and Senior Executive Editor of NDTV, Ravish Kumar too has resigned. “Few journalists have impacted people as much as Ravish did. This reflects in the immense feedback about him — in the ‘crowds he draws everywhere; in the prestigious awards and recognition he has received, within India and internationally,” read the internal mail by the company. “Ravish has been an integral part of NDTV for decades, his contribution has been immense, and we know he will be successful as he embarks on a new beginning,” the mail said.
What is the status and future bearing of Adani’s open offer?
If Adani manages to get hold on the 26 per cent stake through the open offer, Adani Group’s total stake will be 55.18 per cent. This will render the group to have management control of NDTV, the target company.