Adani Group on Friday announced that AMG Media Networks Limited, a wholly owned subsidiary of the Company (AMNL) has acquired 50.50 per cent stake constituting Equity Shares (Category I shares - with voting rights) and Equity Shares (Category II shares - without voting rights) each of IANS India Private Limited (IANS) on 15 th December 2023 in accordance with Share Purchase Agreement dated 15th December 2023, the company announced through an exchange filing.
The transfer of shares related to the acquisition were approved by the Board of IANS at its meeting held on 15 th December 2023.
The nature of this acquisition, clarified as strategic in the interest of AMNL, has been completed with a cash consideration amounting to Rs 5,10,000.
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 company said via the filing.
Background about the entity acquired
IANS, incorporated in India and registered with the Registrar of Companies in Delhi since December 26, 1994, boasts an authorized share capital of Rs. 20,00,000, a paid-up share capital of Rs. 10,00,000, and a turnover that has seen a steady increase over the last three years. The turnover figures for the fiscal years ending in 2020-21, 2021-22, and 2022-23 stood at Rs. 10,33,13,613, Rs. 9,38,66,571, and Rs. 11,86,12,310, respectively.
