No talks for change in ownership or divestment of stake: NDTV tells BSE

Following publication of news reports on a 10% surge in NDTV’s stock price with speculations that Adani Group is likely to acquire the media firm, NDTV has refuted all such rumours and emphatically stated that the group’s founder-promoters are not in any talks with any entity for a change in ownership or a divestment of their stake in NDTV.

Earlier in the day, the Bombay Stock Exchange had sought clarification from New Delhi Television Ltd with reference to news report carried by Economic Times, dated September 20, 2021, titled “NDTV hits 10% upper circuit on rumours of buyout by Adani Group”.

Replying to BSE, NDTV Group clarified, “In this regard, we wish to inform you that the Founder-Promoters of the New Delhi Television Limited, Radhika and Prannoy Roy, who are both journalists, are not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV. They individually and through their company, RRPR Holding Pvt Ltd, continue to hold 61.45% of the total paid-up share capital of NDTV.”

The Group further said that it had no information on why there is a sudden surge in the stock price.

“As far as your query about the news article is concerned, NDTV cannot control unsubstantiated rumours, nor does it participate in baseless speculation,” the statement further said, adding, “The Company is known for its exemplary corporate governance and has, at all times, provided all information in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and will continue to do so.”

On BSE, NDTV’s shares were up 9.94% at Rs 79.65 in the morning hours on September 20, 2021.

Speculation has been rife regarding Adani Group’s plans to acquire NDTV Group, after Adani announced the appointment of Sanjay Pugalia as CEO and Editor-in-Chief to lead the Group’s media initiatives.