Ajay Singh, who is the co-founder and owner of SpiceJet, is set to take control of New Delhi Television Limited (NDTV) as the channel’s founders Prannoy Roy, Radhika Roy and promoter firm RRPR Holding face a probe for allegedly concealing a share transaction, Indian Express has reported.
“Yes, the deal has been finalised, and Ajay Singh will take control of NDTV along with editorial rights,” the daily quoted an unnamed source as saying.
Sources told the Indian Express that Singh, who was part of the Bharatiya Janata Party’s 2014 poll campaign, will have a controlling stake of around 40 per cent. The Roys will hold around 20 per cent stake in the company. As of June 2017, promoters held 61.45 per cent stake in the channel.
According to the daily’s report, the total deal is valued at around Rs 600 crore. While a large chunk would go towards NDTV’s debt of over Rs 400 crore, the Roys are expected to get a part of the cash (around 100 crore).
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