AMG Media Networks has acquired 50.50% stake constituting equity shares (Category I shares - with voting rights) and Equity Shares (Category II shares - without voting rights) each of IANS.

The company has acquired shares of IANS for total consideration for Rs 5,10,000 and post acquisiton IANS became a subsidiary of AMNL.

Meanwhile, AMNL has also signed a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS.

As per the terms of the agreement, all operational and management control of IANS will be with AMNL and AMNL will have the right to appoint all directors of IANs

Adani Enterprises in the business of integrated resource management, mining services and other trading activities. The company operates as an incubator, establishing new businesses in various areas like new energy ecosystem, data center, airports and roads.

The company’s consolidated net profit tumbled 41.1% to Rs 271.57 crore on 41.0% drop in net sales to Rs 22,517.33 crore in Q2 FY24 over Q2 FY23.

The scrip rallied 3.32% to settle at Rs 2,990.25 on Friday 15 December 2023.