Adani raises stake in IANS to take full control

January 17, 2024 13:32

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. -- PTI

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