New Delhi, May 16
Adani Group's unit AMG Media Networks will buy a 49 per cent stake in Raghav Bahl-run digital business news platform Quintillion Business Media for an undisclosed sum, a regulatory filing to the exchanges said.
The Adani Group company Adani Enterprises forayed into the media business by acquiring an unspecified minority stake in Quintillion Business Media earlier this year.
It has signed a Shareholders' Agreement with Quintillion Media Ltd (QML) and QBML and a share purchase agreement with QML, QBML and Quint Digital Media Ltd (QDML) in connection with its proposed acquisition of a 49 per cent stake in the media company.
The transaction is reportedly subject to customary closing conditions and requisite approvals from relevant authorities.
On Monday, shares of the Quint Digital Media rose sharply, rallying over 9 per cent at 12.13 p.m. The current share price is at Rs 325.