Quint Digital completes acquisition in Quintillion Media and Spunklane Media

20 Jan 2022 , 11:57 AM

The Board of Directors of Quint Digital Media Ltd had inter-alia approved the acquisition of 100% Equity Shares along with Convertible Instruments of Quintillion Media Private Limited and 47.92% Equity Shares of Spunklane Media Private Limited.

On Wednesday, the Company informed that it has duly completed the above-mentioned acquisitions on January 19, 2022, in terms of Shares/ Securities Purchase Agreements executed between the parties.

Quintillion Media Private Limited (“QMPL”) holds stakes in the following digital media / technology companies:

• Quintillion Business Media Private Limited (“QBM”) is an Indian business and financial news organization and operates a leading business news digital platform.
• Quintype Technologies India Private Limited (“QTIPL”) is engaged in providing a Software-As-A-Service platform to on digital media publishers.
• YKA Media Private Limited (“YKA”) is India’s largest media platform (www.youthkiawaaz.com) for young changemakers who want to change the world.

Spunklane Media Private Limited (“SMP”) is engaged in the business of operating “The News Minute” which is a digital only news platform reporting and writing on issues in India, with a specific focus on the 5 southern states.

As per regulatory filing, the proposed acquisitions are strategic steps for expansion & diversification into digital media segments and access to technology to help create, distribute and monetize content.

Cost of acquisition or the price at which the shares are acquired is Rs24.5cr, subject to closing adjustments, said company.

On Thursday at around 11:58 AM, Quint Digital Media was trading at Rs420.056 per piece lower by 0.70% on the BSE platform.