According to a regulatory filing with the stock exchanges, Adani Group’s subsidiary AMG Media Networks will pay an undisclosed sum for a 49 percent stake in Raghav Bahl’s digital business news site Quintillion Business Media.
Adani Enterprises NSE 1.59 percent, a subsidiary of the Adani Group, entered the media business early this year by purchasing an undetermined minority position in Quintillion Business Media.
In connection with its proposed acquisition of a 49 percent ownership in Quintillion Media Ltd (QML) and Quintillion Media Ltd (QBML), it has signed a Shareholders’ Agreement and a Share Purchase Agreement with QML, QBML, and Quint Digital Media Ltd (QDML).
The deal is reportedly subject to customary closing conditions as well as necessary regulatory clearances.
Quint Digital Media’s stock soared more than 9% higher at 12.13 p.m. on Monday. The current price of the stock is Rs 325.
