Learn why CBI raided NDTV’s Prannoy, Radhika Roy
The raid by the CBI on different premises of Radhika Roy and Prannoy Roy, the promoters of NDTV Group on Monday morning, has its roots in a series of loans the Roys took starting in 2008 because they wanted to buy back a large chunk of NDTV’s shares from the market.
After the Roys bought a 7.73% shares of NDTV from General Atlantic in December 2007, an open offer to other minority shareholders automatically kicked in. To fund buying the shares minority shareholders wanted to sell the Roys created a company named RRPR Holdings Private Limited — named after Radhika and Prannoy Roy.
RRPR borrowed Rs 501 crore from Indiabulls. Along with RRPR Holdings and their individual shares, the three promoters controlled majority of NDTV’s equity.
To cover part of Indiabulls’ loan, RRPR borrowed Rs ...