Adani acquires 49% in Quintillion Business Media for Rs 48 crore

Gautam Adani's AMG Media Networks has acquired about a 49% stake in Quintillion Business Media Pvt Ltd for about Rs 48 crore. 

In a stock exchange filing on Tuesday, Adani Enterprises Ltd said its subsidiary AMG Media Networks Ltd had completed the acquisition which was originally announced in May last year.

The transaction was completed on March 27, 2023. Further, the cost of acquisition or the price at which the shares are acquired for Rs 47.84 crore in accordance with the terms of the Share Purchase Agreement. 

The acquisition is of strategic nature in the interest of AMNL, as per the stock exchange filing.

QBML is incorporated in India and registered with the Registrar of Companies, Delhi & Haryana at New Delhi on December 12, 2015, and is presently engaged in the business of operating an exclusive business and financial news on a digital media platform viz. bqprime.com.