NDTV denies inking agreement with Ajay Singh
Media reports earlier claimed that Singh, cofounder and owner of SpiceJet, had picked up a majority holding in NDTV from promoters Prannoy and Radhika Roy.
Media reports earlier claimed that Singh, cofounder and owner of SpiceJet, had picked up a majority holding in NDTV from promoters Prannoy and Radhika Roy. The reports also said Singh would have a controlling stake of around 40% in NDTV and that the Roys would hold around 20%.
Sources who told ET about ongoing talks said it would take some time for any deal to fructify. “Due diligence is on,” a top source in NDTV said. “We have given our financial documents about two weeks back. It’s premature to say the deal is done. Anyway it will be a complex deal as the government regulations for the news and current affairs broadcasters are pretty stringent.”
As of June 30, promoter holding in NDTV was 61.45% and 38.55% shares were public. In order to take control, Singh will have to pick up a minimum of 51% stake.
Mails sent to NDTV did not elicit any response till filing of this report, while a text message sent to Singh remained unanswered. In a filing with stock exchanges Friday, NDTV said: “We wish to inform you that the promoters of the company have not entered into any agreement for sale of their stake in the company to any person.”