NEW DELHI: Shares of NDTV climbed 5 percent in intra-day trade on Monday after its founders Prannoy Roy and his wife Radhika Roy said they will sell all but 5 percent of their remaining shareholding in the news broadcaster to Adani Group for up to Rs 647.6 crore.
The stock jumped 4.99 percent to Rs 357.60 during the day on the BSE. It later ended at Rs 343.40 a piece, up to 0.82 percent.
On the NSE, shares of the company gained 1.27 percent to settle at Rs 345 per piece. During the day, it rallied 4.50 percent to Rs 356.
Roys, who founded New Delhi Television Ltd (NDTV) as India's first and largest private producer of news current affairs and entertainment television, lost their status of being the company's largest shareholder in recent weeks.
This follows Adani Group becoming the majority shareholding of NDTV after first buying out a company backed by the founders and then acquiring more shares from the open market.
Now, the Roys are selling 27.26 percent out of their remaining 32.26 percent shareholding in NDTV, according to stock exchange filings by the company.
The sale will happen on or after December 30 in one or more tranches, it said without disclosing the price.