Adani Enterprises Limited (AEL) on Monday informed that the acquisition of 49 per cent equity of Quintillion Business Media Limited (QMBL) by AMG Media Networks Limited (AMNL), a wholly owned subsidiary of AEL, has been completed.
The cost of acquisition is said to be ₹47.84 crore in accordance with the terms of the share purchase agreement. The SPA was executed on May 13, 2022, among AMNL, Quintillion Media Limited (QML), QBML and Quint Digital Media Limited (QDML).
QMBL has the paid-up share capital of ₹260.62 crore and recorded the turnover of ₹15.89 crore for FY22. QBML was incorporated on December 12, 2015, and is presently engaged in the business of operating an exclusive business and financial news on digital media platform namely bqprime.com, AMNL said in a regulatory filing.
The acquisition was completed on March 27, 2023, in all cash consideration. Adani stated that the acquisition is of strategic nature in the interest of AMNL. After its announcement of acquiring 49 per cent stake in QBML, AMNL had moved swiftly in August 2022 to acquire controlling stake in New Delhi Television (NDTV), a television news outlet.