Adani Group mentioned on Friday that AMG Media Networks Limited (AMNL), a completely owned subsidiary of the corporate, has acquired a 50.50 per cent stake in information company IANS India Private Limited.
This majority stake constitutes Equity Shares (Category I shares – with voting rights) and Equity Shares (Category II shares – with out voting rights) every of IANS India Private Limited (IANS) in accordance with Share Purchase Agreement dated December 15, 2023, the corporate introduced by way of an trade submitting.
The switch of shares associated to the acquisition have been authorized by the Board of IANS at its assembly held on December 15, 2023. Pursuant to the acquisition, IANS is now a subsidiary of AMNL.
In the submitting, the corporate additional mentioned, “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, integrated 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 gentle improve over the past 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 administration management of IANS might be with AMNL and AMNL could have the best to nominate all administrators of IANS,” the trade submitting additional said.
In March final 12 months, Adani had ventured into media business with the acquisition of Quintillion Business Media, which operates business and monetary information digital media platform BQ Prime. Thereafter, in December, it took practically 65 per cent stake in broadcaster NDTV.
AMNL was the car for these acquisitions as nicely.
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