Theon Friday gained full control of news broadcaster after it acquired most of the stake of founders Prannoy Roy and Radhika Roy, at a premium of almost 17% over the rate it paid to minority shareholders of the firm.
The Adani Group now holds 64.71% of New Delhi Television Ltd (NDTV), according to a regulatory filing.
In a later development, NDTV said the Roys, along with four other directors, have resigned following the change of ownership.
Besides, the former promoters of the news broadcaster have asked to be re-classified from ‘promoter’ to ‘public’ category shareholders, which was approved by the Board of Directors, subject to the approval of the shareholders of the company, stock exchanges, and other necessary approvals.
The other directors who have resigned are Darius Taraporvala and independent directors Kaushik Dutta, Indrani Roy, and John Martin O’Loan.