Prannoy Roy and Radhika Roy have resigned from their positions as directors on the board of RRPR Holding Private Limited in response to the Adani Group's open offer to purchase New Delhi Television Limited (NDTV)
NDTV, in a letter to Bombay Stock exchange informed the appointment of Mr. Sudipta Bhattacharya, Mr. Sanjay Pugalia and Mr. Senthil Sinniah Chengalvarayan as Directors on the Board of RRPRH, with immediate effect.
On August 23, Gautam Adani-led Adani Group, a conglomerate with numerous business interests, purchased a 29.18% stake in the television network NDTV Ltd. The group also announced that it would conduct an open offer as required by SEBI to acquire an additional 26% of the business. The Adani Group launched their open offer on November 22 and it will be available until December 5, 2022.
The Roys could have counter-offered Adani, but doing so would have needed substantial financial resources.
Report by Kritika Nagpal
Graphics by Nandini Kapil
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