Adani Group said on Friday that AMG Media Networks Limited (AMNL), a wholly owned subsidiary of the company, has acquired a 50.50 per cent stake in news agency IANS India Private Limited.
This majority stake constitutes Equity Shares (Category I shares - with voting rights) and Equity Shares (Category II shares - without voting rights) each of IANS India Private Limited (IANS) in accordance with Share Purchase Agreement dated December 15, 2023, the company announced through an exchange filing.
The transfer of shares related to the acquisition were approved by the Board of IANS at its meeting held on December 15, 2023. Pursuant to the acquisition, IANS is now a subsidiary of AMNL.
In the filing, the company further said, “AMNL has also signed a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to record their inter-se rights with respect to IANS.”
IANS, incorporated in India and registered with the Registrar of Companies, Delhi since December 26, 1994, boasts an authorised share capital of Rs 20,00,000, a paid-up share capital of Rs 10,00,000, and a turnover that has seen a steady increase over the last three years.
The turnover figures for the fiscal years ending in 2020-21, 2021-22, and 2022-23 stood at Rs 10,33,13,613, Rs 9,38,66,571, and Rs 11,86,12,310, respectively.
"All operational and management control of IANS will be with AMNL and AMNL will have the right to appoint all directors of IANS," the exchange filing further stated.
In March last year, Adani had ventured into media business with the acquisition of Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. Thereafter, in December, it took nearly 65 per cent stake in broadcaster NDTV.
AMNL was the vehicle for these acquisitions as well.
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