Adani Group to buy 49% in Quint; media company’s shares up over 9%

The Adani Group company Adani Enterprises forayed into the media business by acquiring an unspecified minority stake in Quintillion Business Media earlier this year

New Delhi: Adani Group’s unit AMG Media Networks will buy a 49 percent 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 percent stake in the media company.

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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 percent at 12.13 p.m. The current share price is Rs 325.

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