The Roys have exited RRPR, but are still a part of Adani-controlled NDTV

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Prannoy Roy and his wife Radhika Roy may have exited RRPR Holding Pvt Ltd, one of the promoter group firms of New Delhi Television Ltd (NDTV), but the founding duo is still part of the media major. His direct shareholding way to a little over 32 per cent.

According to NDTV’s latest shareholding information available with stock exchanges, Prannoy directly holds 15.94 per cent stake, while his wife Radhika holds 16.32 per cent.

This is bound to create an interesting challenge for the new owners of the media company, although Adani Group founder Gautam Adani recently said in a conversation with the Financial Times that he would like Prannoy Roy to continue as the company’s chairman. Want to

But it’s easier said than done and the new equation gives rise to interesting scenarios. However, first there is a need to understand the new ownership structure of NDTV.

The Adani Group has formally picked up approximately 29.18 per cent stake in NDTV after acquiring 99.5 per cent stake in RRPR Holding through Vishwapradhan Commercial Private Limited (VCPL), a wholly owned subsidiary of AMG Media Networks, which in turn I keep Diversified Group’s media business.

A mandatory open offer to acquire more shares from public shareholders is currently underway and as per the latest data, Adani Group has managed to acquire 53.3 lakh equity shares, representing 8 per cent of the media firm.

Market experts expect Adani Group’s stake in NDTV to be around 35-40 per cent after the open offer that closes on December 5.

Given this backdrop, Roy can either choose to cash out or stay invested and remain on the board, as it is at present. But, trying to stay and be actively involved can lead to an uncomfortable situation for both parties.

Interestingly, prima facie cashing out seems a very attractive option as the recent rally in the share price has ensured that Roy will get around Rs 930 crore for his 32.3 per cent stake in the company.

Wait a little longer and the stake could be worth over Rs 1,000 crore. NDTV shares have gained nearly 40 per cent in the last one month.

On the other hand, staying a part of the company, which he built from scratch, could pose challenges as the Adani group would control the media firm.

Incidentally, the group has already brought in media veterans Sanjay Puglia and Senthil Chengalvarayan along with Sudipta Bhattacharya (CEO, Adani Group North America and CTO, Adani Group) as directors in RRPR Holdings.

The fact is that the Adani group will be in complete control of NDTV, says Sriram Subramanian, founder and managing director of proxy advisory firm Ingovern.

Read also: Prannoy Roy, Radhika Roy resign from the board of NDTV promoter group RRPRH

Read also: NDTV acquisition: Adani announces full board of directors of RRPR

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