Adani Enterprises Ltd has increased its stake in IANS India, which owns and operates the newswire service Indo-Asian News Service (IANS), as the Adani Group solidifies its presence in the news media business.
The stake was purchased by AMG Media Networks, a wholly-owned subsidiary of
Adani Enterprises. The company said the cost of the acquisition is
₹5 crore.
"We would like to inform that AMG Media Networks Limited (AMNL), a wholly owned subsidiary of the company has increased its stake in IANS India Private Limited (IANS), by subscribing to fresh shares issued by IANS," the company said in a filing.
The Adani Group company said the allotment of above shares were approved by the Board of IANS at it's meeting held on January 16, 2024, and the certified true copy of the said board resolution was received by the company on January 17, 2024.
In a regulatory filing, billionaire Gautam Adani-controlled Adani Enterprises said the stake comprised Category I and II shares with voting and non-voting rights, respectively.
Under Category I shares, an additional 25.50% equity shares will take the total stake under this category to 76%.
Meanwhile, under Category II shares, an additional 48.76% equity shares will take the total stake under this category to 99.26%.
Adani entered the media industry in March 2022 by acquiring Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. Later in December 2022, it acquired almost a 65% stake in the broadcaster NDTV.
First Published: Jan 17, 2024 8:38 AM IST
