Adani Group will purchase a 49 % stake in Quintillion Business Media
According to a regulatory filing, billionaire Adani Group AMG Media Networks. A unit of Adani Enterprises, will purchase a 49 percent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for an undisclosed sum.
In March, Adani Group Enterprises announce its entry into the media business by purchasing an unspecified minority stake in Quintillion Business Media Ltd. (QBML).
Adani Enterprises said in a late-night regulatory filing on May 13. That it had sign a Shareholders” Like-mindedness with Quintillion Media Ltd (QML) and QBML. As well as a share purchase agreement with QML, QBML. Also Quint Digital Media Ltd (QDML) in connection with its propose acquisition of a 49 percent stake in QBML.
“The SHA also SPA record the terms of agreement regarding AMG Media’s acquisition of 49 percent equity shares in QBML. And the inter se rights also obligations and other matters in connection, ” Adani said. Enterprises added.
BloombergQuint, a leading business news digital platform, is operated by QBML, a business also financial news company.
Quint Digital Media Ltd confirmed this in a separate regulatory filing to the exchanges.
“We would love to advise you that, in accordance with the Memorandum of Understanding dated March 1, 2022. The Company also its material subsidiaries Quintillion Media Limited and Quintillion Business Media Ltd have signed binding agreements with AMG Media Networks Limited. A wholly-owned subsidiary of Adani Enterprises Limited. To complete the divestment of the Company and its material subsidiaries.”
Adani Enterprises signed a Memorandum of Understanding with Quint on March 1, 2022. Also announced its intention to enter the media business by acquiring an unspecified minority stake in QBML.
