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Founders Prannoy Roy and Radhika Roy will sell bulk of their shareholding in New Delhi Television Ltd. to a firm controlled by the Adani Group, giving the conglomerate a majority control in the broadcaster and capping a months-long hostile takeover that had triggered concerns around freedom of press.
Roys will sell 27.26% of their equity in NDTV to RRPR Holding Pvt. via an inter-se transfer and be left with 5% in the media company after the proposed transaction is carried out, the company said in an exchange filing late Friday.
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