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. 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.

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.

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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.

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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.

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