Quint Digital Media hit an upper circuit limit of 20% at Rs 483.40 after the company said it will divest minority stake in its digital business news platform to Adani Media Ventures.
Quint Digital Media has, via its wholly owned subsidiary, entered into a binding term sheet with the Adani Group.Adani Group will acquire a minority stake in Quintillion Business Media Private Limited ("QBM"), an indirect subsidiary of Quint Digital.
The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/media tech properties owned by Quint Digital viz. The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz.
QBM is a business and financial news company and operates a leading business news digital platform in India. QBM's main content is based on the Indian economy, international finance, corporate law & governance and business news, amongst others through its platform Bloomberg
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