Adani NDTV
The Roys said on Friday they will sell a 27.26% stake in NDTV to the AMG Media Network. Image Credit: Vijith Pulikkal/ Gulf News

Mumbai: Indian billionaire Gautam Adani will control 64.71 per cent of New Delhi Television Ltd as the company’s founders have decided to sell most of their shares to his conglomerate, four months after he launched a takeover for the news network.

Adani already owns 37 per cent of NDTV through an open offer and an acquisition of a company owned by founders Radhika and Prannoy Roy, despite several unsuccessful attempts by NDTV to block the takeover citing regulatory restrictions on moving shares.

The Roys said on Friday they will sell a 27.26 per cent stake in NDTV to the AMG Media Network, an entity owned by Adani, regulatory filings by NDTV showed.

“The AMG Media Network, after the recent open offer, is now the single largest shareholder in NDTV. Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media Network,” the founders said in a statement.

“Since the open offer was launched, our discussions with Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness.” It was not immediately clear what the discussions and suggestions entailed. Radhika and Prannoy Roy did not immediately respond to requests for comment.

They will retain a combined 5 per cent stake in NDTV.