Adani Group To Buy Remaining 51% Stake In BQ Prime-operator Quintillion Business Media

Adani Group-backed flagship company, Adani Enterprises (AEL) has announced that its wholly-owned subsidiary AMG Media Networks received board of directors approval for acquiring the remaining 51% stake in Quintillion Business Media Limited ("QBML"). Quintillion operates the Indian business and financial news publisher, BQ Prime which was formerly known as BloombergQuint.

The approval was received on August 14.

In its regulatory filing, AEL said, "The Board of Directors of AMNL at its meeting... has approved to enter into binding Memorandum of Undertaking ("MoU") with Quintillion Media Limited ("QML") for the acquisition of remaining 51% stake in QBML."

Post the acquisition of 51% stake, QBML will become a wholly-owned subsidiary of AMG Media Networks.

It added, "The MoU records the terms of agreement and inter-se rights and obligations and other connected matters in respect of acquisition of remaining 51% equity shares of QBML by AMNL from QML."

It needs to be noted that Adani's AMG Media already holds 49% stake in QBML.

In March this year, AMG Media completed the acquisition of 49% equity stake in QBML, in accordance with the terms contemplated under the SPA. The acquisition was for Rs 47.84 crore.

QBML is incorporated in India and registered with the Registrar of Companies, Delhi & Haryana at New Delhi on December 12, 2015 and is presently engaged in the business of operating an exclusive business and financial news on digital media platform viz. BQ Prime.

On BSE, Adani Enterprises share price ended at Rs 2455.70 apiece, down by Rs 82.75 or 3.3% on Monday. At the current market price level, its valuation is Rs 2,79,950.08 crore.

Adani stocks started the week on a bearish note after Deloitte Haskins & Sells LLP tendered its resignation from the Statutory Auditors post of Adani Ports. Also, Sebi sought 15 days more to complete its report on Adani-Hindenburg row. While requesting, Sebi informed the Supreme Court that substantial progress had been made in the probe.

Gautam Adani's energy-to-port empire came under the radar of the Supreme Court after a US-based short seller Hindenburg Research dropped a mind-boggling report with various allegations. However, Adani has denied the accusations.