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.
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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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