After Radhika and Prannoy Roy resigned, NDTV was locked in the upper circuit.

Their resignation as directors of RRPR comes a day after the firm transferred its shares constituting up to 99.5 percent of its equity capital to VCPL, which is owned by AMG Media Network Ltd, the media arm of Adani group

New Delhi Television (NDTV) shares were locked in a 5% upper circuit after the company announced that one of its promoters had resigned from the board of directors of one of the promoter group companies.

Prannoy Roy and Radhika Roy resigned as directors on the board of RRPR Holding Private Limited (RRPRH) on November 29, 2022, according to an exchange notification issued late on November 29.

Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan were immediately appointed as directors of RRPRH.

Bhattacharya is the Adani Group's North America CEO. He is also the group's Chief Technology Officer (CTO). Pugalia and Chengalvarayan are seasoned reporters.

The Roys resigned a day after the company transferred up to 99.5 percent of its equity capital to VCPL, which is owned by AMG Media Network Ltd (AMNL), Adani Group's media arm.

Over a decade ago, RRPRH, led by the Roys, borrowed Rs 400 crore from VCPL. The loan agreement provided for VCPL to acquire a 29.18 percent stake in NDTV if the loan was not repaid. The loan-issuing company was acquired by the Adani group in August, and a share conversion warrant was issued as a result.

This development occurs in the midst of the mandatory open offer, which will end on December 5. The open offer price of Rs 294 per share is significantly lower than NDTV's current share price. Only 32% of the open offer had been subscribed by the morning of November 30th.

The Roys, however, still hold a 32.26 percent stake in NDTV in their individual capacities and continue on the board of the news channel. Prannoy is the chairperson of NDTV and Radhika the executive director.

On November 30, the stock traded up 5 percent at Rs 447.70.