Shares of New Delhi Television Ltd (NDTV) surged 5% on Wednesday's morning trade on the news of resignation of chairman Prannoy Roy, and executive director Radhika Roy; and appointment of new directors on the board of Radhika Roy Prannoy Roy, Holding Pvt Ltd (RRPR).
Radhika Roy Prannoy Roy, Holding Pvt Ltd is the promoter company of NDTV, which holds 29.18% stake in the company.
On Tuesday, the company in an exchange filing said that it has been informed by the promoter group vehicle, RRPR Holding Private Limited that the board has approved appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan, as directorson the board of RRPRH, with immediate effect.
According to the filing exchanDTV DTV ge, the board has also approved resignation of former chairman Prannoy Roy, and executive director Radhika Roy, who holds 32.26% stake in the company.
Additionally, on Monday, the company disclosed in an exchange filing that RRPR Holding had informed that shares representing 99.5% of its equity capital had been transferred to Adani group-owned Vishvapradhan Commercial (VCPL), concluding the official takeover of NDTV by the Adani group.
With the transfer of shares, the Adani group would have control over a 29.18% interest in NDTV.
Further, Adani Group is also conducting an open offer for another 26% stake in the media firm.
On the technical front, the stock has gained 495.07% from 52-week low of 75.0 on December 1, 2021. The stocks weekly average delivery volume is 100%.