Adani Group's Subsidiary AMG Media Networks Raises Stake In IANS By Subscribing To Fresh Shares

Adani Group's Subsidiary AMG Media Networks Raises Stake In IANS By Subscribing To Fresh Shares

IANS possesses an authorized share capital of Rs. 11,00,00,000, with a paid-up share capital standing at Rs. 5,10,00,000. In terms of financial performance, IANS reports a turnover of Rs. 11,86,12,000.

FPJ Web DeskUpdated: Wednesday, January 17, 2024, 10:28 AM IST
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Adani Group's Subsidiary AMG Media Networks Raises Stake In IANS By Subscribing To Fresh Shares | Image: Wikipedia (Representative)

AMG Media Networks Limited (AMNL), ), a wholly-owned subsidiary of the company on Wednesday announced that it has increased its stake in IANS India Private Limited (IANS). This development follows an earlier intimation by AMNL on December 15, 2023, the company announced through an exchange filing.

The increased stake was achieved through the subscription to fresh shares issued by IANS, with approval for the allotment obtained during the IANS board meeting on January 16, 2024. Confirmation of the transaction came through a board resolution received by AMNL on January 17, 2024, said via the regulatory filing.

Target entity, cost and shareholding

IANS possesses an authorized share capital of Rs. 11,00,00,000, with a paid-up share capital standing at Rs. 5,10,00,000. In terms of financial performance, IANS reports a turnover of Rs. 11,86,12,000.

The cost of acquisition for the shares amounts to Rs. 5,00,00,000, indicating the financial investment made by the acquiring entity.

Regarding shareholding details, the acquisition involves Category I shares (with voting rights), constituting an additional 25.50 per cent equity shares, bringing the total stake to 76 per cent. Category II shares (without voting rights) see an increase of 48.76 per cent equity shares, resulting in a total stake of 99.26 per cent.

Background on IANS

The company was incorporated in India on December 26, 1994. Financial highlights includes the turnover for the last three years: Rs. 11,86,12,000 in 2022-23, Rs. 93,866,571 n 2021-22, and Rs. 103,313,613 in 2020-21.

This strategic move is anticipated to strengthen AMNL's position within the media industry, showcasing the company's commitment to portfolio enhancement and seizing growth opportunities.

Earlier Acquisition

Prior to this, Adani Group 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 15th December 2023 in accordance with Share Purchase Agreement dated 15th December 2023, the company announced through an exchange filing.

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