New Delhi: Billionaire Gautam Adani’s group has raised its stake in IANS India Pvt Ltd to take full control of the news agency as it consolidates its media presence.
Adani Group had last month picked up a 50.50 per cent stake in IANS and now it has raised the shareholding to 76 per cent with voting rights and to 99.26 per cent without voting rights, according to a regulatory filing.
The cash outgo is Rs 5 crore, it said.
“In continuation to our earlier intimation dated December 15, 2023, we would like to inform that AMG Media Networks Ltd (AMNL), a wholly-owned subsidiary of the company has increased its stake in IANS India Private Limited, by subscribing to fresh shares issued by IANS,” Adani Enterprises Ltd – the group’s flagship firm – said in the filing.
The allotment of the shares was approved by the board of IANS at its meeting held on January 16, 2024, it said.
Adani Group had on December 15 last year acquired 50.50 per cent stake in IANS for an undisclosed sum of money. It has now acquired an additional 25.50 per cent equity shares, taking total stake with voting rights to 76 per cent. It has acquired additional 48.76 per cent equity shares to take stake without voting rights to 99.26 per cent, it said.
IANS has an authorised share capital of Rs 11 crore, and a revenue of Rs 11.86 crore in FY23.
“IANS is a subsidiary of AMNL,” the filing said. “The acquisition is of strategic nature in the interest of AMNL.”
Adani forayed into media business in March last year when it acquired Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. It thereafter in December took nearly 65 per cent stake in broadcaster NDTV.
AMNL was the vehicle for these acquisitions as well.
A first-generation entrepreneur, Adani started off as a commodities trader in 1988 and expanded his business interests to become India’s largest private player in infrastructure, with 13 ports and eight airports. Over the years it diversified into producing coal, energy distribution, data centres and more recently into cement and copper. It even bid and acquired 5G telecom spectrum to set up a private network.