Adani Enterprises Shares Grab Attention After Adani Group Firm Raises Stake In IANS

Gautam Adani's flagship firm Adani Enterprises said on Wednesday (Jan 17) that it has increased its stake in media agency IANS India by subscribing to fresh shares issued by the news agency. The acquisition cost as disclosed by the company stands at Rs.5 crore.

Adani Enterprises shares were down 2.30% at Rs 2987.10 per share at 12:54 pm IST today, amidst negative trade on Dalal Street where both Sensex and Nifty 50 fell over 1% at the time of writing this article.

In an exchange filing on Wednesday, the company said, "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 above shares was approved by the Board of IANS at it's meeting held on 16th January, 2024 and the certified true copy of the said board resolution was received by the Company on 17th January, 2024 at 08:08 hours," the company added.

According to the company, IANS India Private Limited ("IANS") has an Authorized Share Capital of Rs.11,00,00,000 and a turnover of Rs.11,86,12,000.

With this acquisition, Adani's AMG Media Networks has increased its ownership of IANS shares with voting rights to 76%, and non-voting rights to 99.26%.

In December last year, Adani Group acquired a 50.5% stake in India Pvt Ltd for Rs 5.1 lakh.

The IANS acquisition is Adani's latest media venture, after the Indian conglomerate bought a 65% stake in NDTV in December 2022 and Quintillion Business Media earlier that year.

Adani Enterprises Share price performance:

Shares of Adani Enterprises have gained 24.21% in the last six months, and 23.19 in the last three months. The last one year returns from the stock have fallen almost 18%. The last two years and three years' performance of the stock is up 59.35% and 467.63% respectively.