New Delhi: AMG Media Networks Ltd (AMNL), the media arm of Adani Enterprises Ltd, has signed a share purchase agreement to acquire the remaining stake in IANS India Private Limited, completing its full takeover of the news agency.
In a regulatory filing on Thursday, Adani Enterprises said AMNL executed the agreement on January 21 to purchase the balance shares from existing shareholder Sandeep Bamzai. Upon completion of the transaction, IANS will become a wholly owned step-down subsidiary of Adani Enterprises.
AMNL had earlier acquired a majority stake in IANS in January 2024. At the time of signing the latest agreement, AMNL held 76% of Category I shares with voting rights and 99.26% of Category II shares without voting rights. The current transaction involves the acquisition of the remaining 24% Category I shares and 0.74% Category II shares.
The company said the transaction qualifies as a related-party transaction and is being carried out at arm’s length. Completion is subject to customary conditions. No additional special rights or board-related changes were disclosed as part of the agreement.
The move further consolidates Adani Group’s presence in the media and content distribution space through AMG Media Networks, which houses the conglomerate’s broadcast, digital and publishing interests.