The husband-wife duo of Prannoy and Radhika Roy, promoters of NDTV Ltd, has bought back 7.73 per cent stake from private equity firm General Atlantic (GA) Global Investments Ltd for Rs 192 crore. The 7.73 per cent stake comprises 4,835,850 equity shares.
Following the deal, the promoters have made an open offer to acquire a further 20 per cent stake from shareholders at Rs 438.98 a share, which is below the current market price of Rs 462. Acquiring 12,525,446 shares of the company would cost the promoters Rs 550 crore.
For the quarter ended September 30, the promoters held 53.27 per cent stake in the company. The promoters as of today have increased their stake in the company to 61 per cent.
The Roys had announced sometime in late 2005 their intent to transfer 15 per cent of their stake to their daughter Tara Roy, who is an NRI. The proposal was not approved by the RBI since the foreign holding in the company had reached the upper limit.
The purchase allows foreign institutional investors and NRIs to acquire that many shares more in NDTV till the ceiling of 26 per cent is reached.