- By Aditya Pratap Singh
- Wed, 17 Jan 2024 04:05 PM (IST)
- Source:PTI
Adani-IANS Deal: In another step to consolidate its media presence, billionaire Gautam Adani's group raised its stake to take full control of news agency 'IANS India Pvt Ltd ownership.
Earlier last month, Adani Group had acquired a 50.50 per cent stake in IANS and now the group raised the shareholding to 76 per cent with voting rights and to 99.26 per cent without voting rights. The company said in a regulatory filing.
"In continuation to our earlier intimation dated December 15, 2023, we would like to inform that AMG Media Networks Ltd (AMNL), a wholly-owned subsidiary of the company has increased its stake in IANS India Private Limited, by subscribing to fresh shares issued by IANS," Adani Enterprises Ltd said in the filing.
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As per the information, the IANS board approved the allotment of the shares at its meeting held on January 16, 2024.
Last month i.e. In December 2023, Adani Group acquired a 50.50 per cent stake in IANS for an undisclosed amount of money. Now, It has raised an additional 25.50 per cent stake in the news agency, taking the total stake with voting rights to 76 per cent. The Adani group has informed that it has acquired an additional 48.76 per cent equity shares without voting rights, which takes the stake to 99.26 per cent.
IANS, which is a subsidiary of AMNL, in a filing, said. "The acquisition is strategic in the interest of AMNL."
Adani entered the media business in March last year when it acquired Quintillion Business Media, which operates the business and financial news digital media platform BQ Prime. subsequently, in December it took about 65 percent stake in news broadcaster NDTV.
A first-generation entrepreneur, Adani started as a commodities trader in 1988 and expanded his business interests to become India's largest private player in infrastructure with 13 ports and eight airports. Over the years it has diversified into coal, power distribution, data centres and more recently cement and copper production. It had also bid for and won 5G telecom spectrum to set up private networks.