Shares of New Delhi Television (NDTV) rose 5% to Rs 447.70 after company founder Prannoy Roy and his wife Radhika Roy resigned as directors of promoter group body RRPR Holding.

The promoter group body, RRPR Holding Private Limited (RRPRH), has informed NDTV that the Board of Directors, at its meeting on November 29, 2022, approved the resignation of Dr Prannoy Roy and Dr Radhika Roy from the RRPRH Board of Directors.

In addition, the Board approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as directors of the RRPRH Board of Directors, effective immediately.

In August, Adani Group acquired a 100% stake in Vishvapradhan Commercial Private Limited (VCPL). VCPL owns convertible bonds in Radhika Roy Prannoy Roy (RRPR) Holding, which owns 29.18% of NDTV.

With its indirect 29.18% stake in NDTV, Adani Group launched a public offer on November 22, 2022, to acquire an additional 26% stake in the Delhi-based news channel. The open offer will end on December 5.

Adani’s open offer price is Rs 294 per share, a discount of 34.33% to the prevailing market price. As of September 2022, Prannoy Roy owns 15.94% of NDTV, while Radhika Roy holds 16.32% of NDTV (a combined 32.26%).

NDTV is a leading media company operating three national news channels – NDTV 24×7, NDTV India and NDTV Profit. On a consolidated basis, NDTV’s net profit fell 0.17% to Rs 12.01 crore, while net sales in Q2 September 2022 rose 16% to Rs 105.80 crore from Q2 September 2021.