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NDTV denies reports of takeover by SpiceJet’s Ajay Singh

LiveMint logoLiveMint 22-09-2017 Harveen Ahluwalia

New Delhi: New Delhi Television (NDTV) Ltd which runs news channels like NDTV India and NDTV 24x7, on Friday said that there has been no change in the ownership of the company, amid media reports of Ajay Singh, chairman and managing director of SpiceJet, picking up a majority stake in the company.

In a clarification sought by BSE, NDTV said that the promoters of the company have not entered into any agreement for sale of their stake in the company to any person.

“The company is mindful of its obligations under Clause 30 of the listing regulations and shall promptly intimate you of any event required which is required to be disclosed under the said regulations,” NDTV said in its filing.

This came after The Indian Express reported that Singh is all set to take control of NDTV. The report further added that Singh will have a controlling stake of about 40%, while NDTV promoters Prannoy Roy and Radhika Roy will hold about 20% share in the company.

As of June 2017, promoter shareholding in NDTV stood at 61.45%, while public shareholding stood at 38.55% , according to data from BSE.

On 21 September, NDTV informed BSE that the company has diluted its stake in its auto e-commerce subsidiary Fifth Gear Ventures Ltd (FGVL) and will now cease to exercise control over it.

Earlier this year, NDTV had sought shareholder approval for the sale of indianroots.com, operated by NDTV Ethnic Retail Pvt Ltd, in a filing to the BSE. In addition, NDTV had also proposed the sale of a 2% equity stake by NDTV Networks Ltd in NDTV Lifestyle Holdings Ltd (Lifestyle Holdings operates NDTV Goodtimes), to Nameh Hotels & Resorts Pvt Ltd. Nameh Hotels & Resorts is a company with interests in hotels, camping sites and other short-stay accommodation.

For the quarter ended June 2017, NDTV had reported a net loss of Rs 22.01 crore, against a net loss of Rs 41.8 crore in the year-ago period.

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