(Reuters) - Shares of Indian news broadcaster New Delhi Television Ltd rose over 4% on Monday after founders Prannoy Roy and Radhika Roy said they would transfer their 27.26% stake in the company to the Adani Group.
Indian billionaire Gautam Adani will control 64.71% of NDTV after the stake sale.
Adani already held 37% of NDTV after an open offer and an acquisition of the company, despite several unsuccessful attempts by NDTV to block the takeover citing regulatory restrictions on moving shares.
Radhika and Prannoy Roy retained a combined 5% in NDTV, regulatory filings showed on Friday.
"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,” they added.