New Delhi Television's (NDTV) promoter company RRPR Holding has transferred 99.5% of its equity shares to the Adani group-owned Vishvapradhan Commercial (VCPL), taking billionaire Gautam Adani a step closer to taking over one of India's biggest broadcasting houses. The transaction was in consonance with a conversion notice issued by VCPL on 23 August 2022, media reports said. 

NDTV founders Prannoy Roy and Radhika Roy have also resigned as directors of the promoter group vehicle RRPRH with immediate effect, the company said in a regulatory filing. The board of RRPR Holding also approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan as Directors on its board with immediate effect, NDTV said.

The share transfer will give Gautam Adani a 29.18% stake in NDTV. The port-to-power conglomerate led by Adani has another open offer for another 26% stake in the media group. 

"We hereby inform you that VCPL has received a letter from RRPR Holding Private Limited ('RRPR') (through its lawyer) dated 28 November 2022, confirming to issue equity shares constituting 99.5% of its equity capital to VCPL on November 28, 2022," said Adani Enterprises in its regulatory filing, LiveMint reported.

The open offer, which began on November 22, has seen shareholders tender 5.3 million shares, or 31.78% of the issue size of 16.7 million shares, so far, the exchange data showed.

NDTV has three national news channels – NDTV 24×7, NDTV India and NDTV Profit, besides having a strong online presence. 

A decade ago, NDTV founders Radhika and Prannoy Roy took a Rs 4 billion ($49.00 million) loan from a company that Adani acquired in August. In exchange, they issued warrants that allowed the company to acquire a 29.18 per cent stake in the news group.

(This article was updated on 30 November to include the resignation of the NDTV founders)