Quint Digital Media hit an upper circuit limit of 10% at Rs 638.05, extending gains for the third trading session.
Shares of Quint Digital Media have surged 58.38% in three sessions. The recent gains were backed by the company divesting minority stake in its digital business news platform to Adani Media Ventures.Quint Digital Media has, via its wholly owned subsidiary, on 1 March 2022 entered into a binding term sheet with the Adani Group.
Adani Group will acquire a minority stake in Quintillion Business Media ("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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