Adani Group takes over news agency IANS
New Delhi: Adani Group has acquired a majority 50.50% stake in New Delhi-based news agency IANS India Pvt Ltd (IANS), according to a regulatory filing by the business conglomerate.
Adani group flagship company Adani Enterprises said that its wholly-owned subsidiary AMG Media Networks (AMNL) acquired a 50.50% stake on 15th December 2023 in accordance with the share purchase agreement of the same date.
IANS's authorised share capital is Rs 20 lakh while paid-up share capital is Rs 10 lakh. Its turnover was Rs 11.86 crore in the financial year 2022-23.
The regulatory filing showed the cost of acquisition or the price at which the shares were acquired at Rs 5.10 lakh.
"The transfer of shares related to the acquisition were approved by the Board of IANS at its meeting held on Friday," the regulatory filing said.
It further said that 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."
The terms of the agreement stated that all operational and management control of IANS will now be with AMNL and the acquirer will have the right to appoint all directors of IANS.
Adani Group said that the acquisition is of strategic nature in the interest of AMNL.
Adani Group had in 2022 acquired NDTV and with the acquisition of IANS, it has expanded its media presence.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Kenyan Navy Commander Paul Owuor Otieno meets Indian COAS Upendra Dwivedi, discusses defence ties
‘Tariff is my favourite word,’ Trump says in trade policy defense
TVK leader booked for social media post urging ‘Gen Z revolution’ after Karur tragedy
PoK protests: Agitation escalates as civilians toss containers into river, clash with Pakistani forces
