After NDTV founders Prannoy Roy and Radhika Roy, as well as promoter firm RRPR Holding Pvt Ltd faced a CBI probe for allegedly concealing a share transaction, it has been reported that NDTV is set to change hands.
According to The Indian Express, co-founder, and owner of SpiceJet, Ajay Singh, is set to pick up majority holding in the news channel. “Yes, the deal has been finalized and Ajay Singh will take control of NDTV along with the editorial rights,” a source confirmed to The Indian Express.
The CBI had conducted raids on the Roys on June 5th, which the NDTV termed “a blatant attack on the freedom of the press.”
According to the reports, Ajay Singh, who was part of the BJP’s 2014 poll campaign, will hold 40 percent stake in NDTV, while the founders Prannoy Roy and Radhika Roy will hold 20 percent.
BSE’s data showed that the promoter holding in NDTV as of June 2017 stood at 61.45 percent, while public shareholding was 38.55 percent. Ajay Singh will also reportedly pick up NDTV’s debt of over Rs 400 crore, and the entire deal is valued at Rs 600 crore. A part of the deal, up to Rs 100 crore, will also go the Roys.
Prannoy Roy (Source: ndtv)
However, NDTV has denied reports of Ajay Singh taking over majority holdings in the news channel, The Hindu reported.
“Not even a single sentence of these reports is true,” a senior NDTV official told The Hindu.
Moreover, a SpiceJet official has also denied that the deal was going through. When asked about the NDTV deal, the official said: “it’s absolutely false and baseless.”