NDTV founders Prannoy Roy and his wife Radhika Roy on Friday said they will sell 27.26 per cent out of their remaining 32.26 per cent shareholding in the news broadcaster to Adani Group, which would take the total holding of the latter to over 60 percent.

This follows Adani Group becoming the single largest shareholder in New Delhi Television Ltd (NDTV) after first buying out a company backed by the founders and then acquiring more shares from the open market, PTI reported from New Delhi.

“Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to (Adani Group firm) AMG Media Network,” the founders said in a statement to stock exchanges.

The two together hold 32.26 per cent stake in NDTV, while Adani Group now holds 37.44 per cent shareholding in the company.

Of the 32.26 per cent stake, the couple will sell 27.26 per cent while retaining a minority five per cent shareholding in the company.

“Since the open offer (by Adani Group) was launched, our discussions with Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness,” they said in the statement.

The regulatory filing by the Roys, reviewed by Indianbroadcastingworld.com, outlined the journey of NDTV, which was started in 1988 in the “belief that journalism in India was world-class but needed a strong and effective broadcast platform that would allow it to grow and shine”.

“After 34 years, we believe that NDTV is an institution that has met so many of our hopes and ideals; we are so proud and grateful that across the globe, NDTV is recognized as ‘India’s and Asia’s Most-Trusted News Broadcaster’,” the statement said.

The Roys further added: “Mr. Adani has invested in a brand that is synonymous with Trust, Credibility and Independence, and we are hopeful that he will preserve these values and expand upon them with all the responsibility required of a leader of an organisation of this nature. We look forward to watching NDTV, and its entire extraordinary team, delivering the next phase of growth, one that India can be proud of.”

A board meeting of NDTV on Friday also approved the appointment of two additional directors with immediate effect.

The new additional directors in the capacity of non-executive non-independent entities are Sanjay Pugalia and Senthil Sinniah Chengalvarayanas.