Shares of Quint Digital Media skyrocketed as AMG Media Networks Limited completed the acquisition of a 49% stake in Quintillion Business Media Limited. On the other shares of Adani Enterprises shares remained dampened.
What Happened: AMG Media – that is a wholly owned subsidiary of Adani Enterprises – completed the acquisitions in Quintillion Business Media Limited for ₹47.84 crore. The company now holds a 49% stake in the news media company.
The two companies had entered into a sale agreement in May last year. As per a regulatory filing, Quintillion Business Media’s turnover for the past three financial years stood at around ₹39 crore. This is the crisis hit Adani Group‘s second acquisition in the news media industry, it bought the popular news channel NDTV last year.
Quint Digital Media also owns the popular news website The Quint, however, the current sale does not pertain to it. Quintillion Business Media Limited is a material subsidiary of the listed company that owns and runs the popular financial news website BQPrime.
Price Action: Adani Enterprises shares were trading 0.48% lower at ₹1,715. Quint Digital Media skyrocketed 10% to hit upper circuit at ₹128.94 as the markets opened on Tuesday.
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