afaqs! news bureau
Media

Adani Group increases its stake in IANS India

In category-1, the voting rights stake has been raised to 76% from 50.5%, while in category-2, the stake without voting rights has surged to 99.26% from 50.5%.

Adani Enterprises has strengthened its position in the news media sector by boosting its stake in the newswire service IANS India (Indo-Asian News Service). In December 2023, AMG Media Networks, a wholly-owned subsidiary of Adani Enterprises, acquired a 50.50% stake in IANS India.

In an exchange filing, Adani has revealed that the stake includes both Category I and II shares, with voting and non-voting rights, respectively. With an additional 25.50% equity shares, the total stake in Category I will reach 76%. Simultaneously, an additional 48.76% equity shares will elevate the total stake in Category II to 99.26%.

"We would like to inform that AMG Media Networks Limited (AMNL), a wholly owned subsidiary of the company has increased its stake in IANS India Private Limited (IANS), by subscribing to fresh shares issued by IANS," the company stated in the filing.

The allotment of these shares received approval from the Board of IANS during its meeting on January 16, 2024.

Also Read: Adani acquires 50.5% stake in news agency IANS

Have news to share? Write to us atnewsteam@afaqs.com