Adani Enterprises Boosts Stake in IANS India with Rs 5 Crore Investment

17 Jan 2024 , 12:40 PM

Adani Enterprises has raised its stake in IANS India by subscribing to fresh shares issued by the news agency, amounting to Rs 5 crore.

The increase in ownership is through AMG Media Networks, a subsidiary of Adani Enterprises, raising its stake with voting rights to 76% and acquiring nearly all non-voting shares. This is an increase from the previous ownership of 50.5% each.

The regulatory filing by Adani Enterprises stated, ‘…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 allotment of these shares was approved by the board of IANS at its meeting on January 16, 2024.

In December 2023, Adani Group had acquired a 50.5% stake in IANS India Pvt Ltd for Rs 5.1 lakh.

The acquisition of IANS is part of Adani’s recent foray into the media sector, following its purchase of a 65% stake in news broadcaster NDTV in December 2022 and Quintillion Business Media earlier in the same year.

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