NDTV gains 5% as founders plan to sell 27.26% stake to Adani group

Shares of New Delhi Television (NDTV) were up 5 per cent to Rs 357.60 in Monday’s intra-day trade, after the company’s founders Prannoy Roy and Radhika Roy decided to sell 27.26 per cent out of their 32.26 per cent shareholding in the news broadcaster to the Adani Group. READ HERE

At 09:50 AM; NDTV traded 3 per cent higher at Rs 352.10, as against 0.84 per cent rise in the S&P BSE Sensex. In the past six months, the stock appreciated 105 per cent, after Adani group proposed to acquire majority stake. Earlier, it had hit a record high of Rs 567.85 on September 6, 2022.

“The stake sale by founders Prannoy Roy and Radhika Roy would effectively raise shareholding of the Gautam-Adani-led group to nearly 65 per cent, after the latter became the single largest shareholder in the media company, with a 37.45 per cent stake earlier this month. The Roys would retain a 5 per cent minority stake in the company,” they said. READ RELEASE HERE

The Adani group had first bought out RRPR Holding, which had a 29.18 per cent stake in the news broadcaster, following which it acquired an additional 8.27 per cent stake through the open offer route earlier this month.

NDTV is a leading media house, which has pioneered delivery of credible news for over three decades. The company operates three national news channels – NDTV 24×7, NDTV India, and NDTV Profit. It also has strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms.

In FY22, NDTV recorded a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and net profit of Rs 85 crore in FY22 with negligible debt.