Bhubaneswar: Adani Group of Gautam Adani has acquired 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd (QBML).
The execution of the shareholder agreement was made public by the Adani Group through a document on May 13. On March 1, Quint Digital Media announced the signing of a binding term sheet with the Adani Group’s AMG Media Networks to sell a minority stake in its digital business news company QBML.
“We would like to inform you that AMG Media Networks Limited (AMG Media), a wholly-owned subsidiary of the company, has signed shareholders’ agreement with Quintillion Media Limited (QML) and Quintillion Business Media Limited (QBML) and share purchase agreement with QML QBML and Quint Digital Media Limited (QDML) on May 13, 2022 in connection with its proposed acquisition of 49% stake in QBML,” the document stated.
Adani group had on March 1 announced that it will acquire a minor stake in QBM. After exiting from Network18, Quint was founded by Raghav Bahl and Ritu Kapur in 2015.
It may be noted that Mukesh Ambani led Reliance Industries had acquired Network18 in 2014, when Raghav Bahl was the managing director of the company.
Quint’s shares rose by over 9% on Monday following the reports of its acquisition by Adani Group.
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