Adani Group raises stake in news agency IANS

Billionaire Gautam Adani's group has raised its stake in IANS India to take full control of the news agency as it consolidates its media presence.

Adani Group had last month picked up a 50.50% stake in IANS and now it has raised the shareholding to 76% with voting rights and to 99.26% 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 (AMNL), a wholly-owned subsidiary of the company has increased its stake in IANS India, by subscribing to fresh shares issued by IANS," Adani Enterprises - 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% stake in IANS for an undisclosed sum of money. It has now acquired an additional 25.50% equity shares, taking total stake with voting rights to 76 %. It has acquired an additional 48.76 % equity shares to take stake without voting rights to 99.26 %, 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 % stake in broadcaster NDTV.

AMNL was the vehicle for these acquisitions as well.

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