Quint Digital Media up 9% as Adani Group buys 49% stake in media house

Adani Group unit AMG Media Networks will buy a 49% stake in digital business news platform Quintillion Business Media, operated by Raghav Bahl, for an undisclosed amount, a regulatory filing to the exchanges said.

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The Adani Group Adani Enterprises made a foray 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 Digital Media“>Quint Digital Media Ltd (QDML) in its proposed acquisition of a 49% stake in the media company.

The transaction would be subject to customary closing conditions and required approvals from the relevant authorities.

On Monday, shares of the quintet Digital media rose sharply, registering a rise of more than 9% as of 12:13 p.m. The current share price is Rs 325.

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