Shares of Quint Digital Media surged 20% to Rs 483.40 on the BSE in Wednesday’s trade after the company announced that Adani Group will acquire a minority stake in Quintillion Business Media Private Limited (QBM), an indirect subsidiary of Quint Digital.
“The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/ media tech properties owned by Quint Digital viz. The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz,” said Quint Digital in a stock exchange filing. The filing did not reveal the stake Adani Group will acquire.
The closing of the transaction with the Adani Group is subject to customary due diligence and definitive documents, the company said.
Quint Digital, which operates ‘The Quint’ platform, is one of India’s leading digital media companies and the only new-age digital-first news operator listed on an Indian stock exchange.
Quint Digital owns a majority stake in QB and Quintype Technologies India Private Limited, a media-tech firm. Quint Digital also holds minority stakes in the ‘Youth Ki Awaaz’ and ‘The News Minute.’
At Present, the share of Quint Digital Media is listed in the X category on the BSE. X category comprises all those stocks which are only listed on BSE.
Bloomberg Media and Quintillion Media, a subsidiary of Quint Digital Media announced the restructuring of their partnership in India, in a separate exchange filing on Tuesday.
The companies have ended their equity joint venture and will no longer co-produce content but will continue to distribute Bloomberg content in India through a license agreement
“Adani Media Ventures intends to lead the path for new age media across different platforms. This relationship between AMV and QBM marks a strong beginning of Adani Group’s foray into Indian media,” said Sanjay Pugalia, CEO, Adani Media Ventures Limited.
Adani Group has a market capitalization of more than $150 billion with seven publicly listed companies that are in the business of operating ports and airports, power generation and transmission, coal and gas trading.