Quint Digital Media Soars After Adani Ent Acquires 49% Stake in Subsidiary
Quint Digital Media was locked in the 10% upper circuit at Rs 327.55 after the company announced that it had signed definitive agreements with Adani Enterprises for the sale of 49% of Quintillion Business Media’s stake.
On March 1, Quint Digital Media announced that it had signed a binding term sheet with the Adani Group for the sale of the minority stake in its digital business information (QBM) business.
Accordingly, on May 13, 2022, Quint Digital Media and its principal subsidiaries, viz. Quintillion Media and Quintillion Business Media have signed definitive agreements with AMG Media Networks, a wholly owned subsidiary of Adani Enterprises, to complete the sale of 49% of the capital of Quintillion Business Media.
Quintillion Business Media, an indirect subsidiary of Quint Digital, owns and operates a proprietary digital media platform of business and financial news, viz. www.bqprime.com (formerly known as www.bloombergquint.com). The transaction is subject to customary closing conditions and required approvals.
Quint Digital is a digital-first digital media company and news operator. It operates “The Quint” platform, which delivers news, opinion and current affairs content on India and the world covering several categories such as governance, politics, economy, business, entertainment, sports, technology, education, lifestyle, health and fitness, gender issues, and more.
Quint Digital Media’s net profit jumped 516.67% to Rs 1.11 crore on a 48.48% increase in net sales to Rs 9.25 crore in Q3 Dec 2021 compared to Q3 Dec 2020.
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