With Adani’s open offer to acquire 26% of shares kicking off on October 17, there is a lot happening at NDTV.
On August 23, the Adani Group announced that it will own a 99.5% stake in RRPR through the right to exercise the warrants issued by the promoter company against a Rs 400 crore-loan agreement in 2009-10 with VCPL.
Radhika and Prannoy Roy each own 50% stake in RRPR which has 29.18% shareholding in NDTV.
The Tendering Period for the Open Offer starts on Monday, October 17, 2022, and closes on Tuesday, November 01, 2022 (both days inclusive).
According to the timeline mentioned in the offer document, the post-Offer public announcement will be published in the newspapers by November 23, 2022.
This implies that Adani’s will take management control into their hands by November 23.
In the meantime, the leadership at NDTV is preparing for the scenario after the takeover.
Reliable sources close to the development told BestMediaInfo.com that NDTV Group President Suparna Singh has sold all the stakes in the company. She had the highest stake among all employees at NDTV.
“Maybe she could be leaving, or is worried about being struck off once Adani takes over,” the source said.
A query sent to Singh remained unanswered by the time of filing of this report.
NDTV’s Group Editor Sreenivasan Jain has stopped his show ‘Reality Check’. However, he is anchoring Nidhi Razdan’s show ‘No Spin’ at 9.30 PM.
“Either this could be a sign that he is planning to go or he could be promoted to a larger role,” a source added.
In Hindi, Nagma Seher and Nidhi Kulpati are learnt to be promoted to the Managing Editor role, a position held by Ravish Kumar.
Another source at NDTV told BestMediaInfo.com that there could be one of three likely post-takeover scenarios which will unfold in the days ahead.
“One is that nothing changes and nobody is brought in or goes in the editorial department which is highly unlikely. The second scenario is that Ravish, Sreenivasan Jain, Suparna Singh and other senior leaders leave, but the majority of staff stays behind. The third scenario is a major shake-up where they fire a majority of the staff and bring new people in,” the source said.
“Senior reporters such as Akshay Kumar Dhingare and Mohammad Ghazali have left NDTV recently. The fear among employees is growing with each passing day but the management is very tight-lipped about the situation,” the source added.