Prannoy Roy and Radhika Roy Resign as Directors of NDTV Promoter RRPR Holding
Prannoy Roy and Radhika Roy resigned as directors of RRPR, NDTV said on Tuesday.
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Prannoy Roy and Radhika Roy have resigned as directors of RRPR Holding Private Limited, NDTV Limited informed the stock markets late Tuesday, 29 November.
What we know:
In a regulatory filing on Monday, 28 November, NDTV stated that RRPR Holding Private Limited, NDTV's promoter, had issued 99.5 percent of its shares to the Adani Group.
The filing also added that Sanjay Pugalia, Sudipta Bhattacharya, and Senthil Sinniah Chengalvarayan were appointed as directors on RRPR Holding Private Limited's board, after Prannoy Roy and Radhika Roy's resignation.
The background:
On 23 August, the Adani Group had announced the acquisition of a 29.18 percent stake in NDTV.
The Adani Group had done this by converting warrants from RRPR Holding Private Limited, which is NDTV's promoter.
On 19 October, the Adani Group stated that it was committed to buying an additional 26 percent stake in NDTV.
To this end, the Adani Group has said it will hold an open offer till 5 December for the additional 26 percent stake in NDTV.
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