Adani Group’s media arm AMG Media Networks has bought a 49 per cent stake in Raghav Bahl-run digital business news platform Quintillion Business Media. Adani Group has acquired 49 per cent stake in Quintillion Business Media Pvt Ltd. The Shareholders Agreement has been made public by the Adani Group through a document on 13 May 2022.
With the arrival of this news, there has been a tremendous rise in the stock of Quint Digital Media Ltd. The shares of the media company have risen by 10% to Rs 327.55 on the BSE today. Adani Enterprises, a part of the Adani Group, had earlier this year announced to acquire a minority stake in Quintillion Business Media to enter the media industry.
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What did the Adani Group say?
Adani Group in its document said, “We would like to inform you that our wholly owned subsidiary AMG Media Networks Limited (AMG Media) has entered into an agreement with the shareholders of Quintillion Media Limited (QML) and Quintillion Business Media Limited (QBML). The Company has entered into a Share Agreement on 13th May 2022 with regard to the proposed acquisition of 49% stake in QML.
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what is the business of the company
The Quint’s English and English portals are owned by The Quint Digital Media Limited. QBM is a news media company that covers news based on Indian Economy, International Finance, Corporate Law and Governance among other topics through its platform BloombergQuint. Earlier in November 2021, Quint Digital had announced the acquisition of 100% stake in Quintillion Business Media. Earlier this year on March 1, 2022, the Adani Group announced that it would acquire a small stake in QBM.
