Shares of billionaire Gautam Adani-led Adani Enterprises surged nearly 5% in early trade on Monday as investors cheered the company’s plan to acquire a 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd. AMG Media Networks, a unit of Adani Enterprises, will buy a 49% share in the business and financial news company for an undisclosed amount. Boosted by the development, the BSE-listed Quint Digital Media hit a 10% upper circuit in opening trade.

Reacting to the news, Adani Enterprises shares opened higher by 2.14% at ₹2,099, against the previous closing price of ₹2,055.05. During the session so far, the stock gained as much as 4.62% to hit an intraday high of ₹2,150. Meanwhile, the BSE benchmark Sensex was trading 108 points higher at 52,902 levels.

Earlier in March this year, the Adani group’s flagship company had forayed into the media business by buying a minority stake in Quintillion Business Media Pvt Ltd (QBML), an indirect subsidiary of Quint Digital. QBML is a business and financial news company and operates a leading business news digital platform BloombergQuint.

As per the shareholding pattern available on the BSE, promoter groups own a 56.45% stake in the company, while the remaining shares are held by public shareholders. Among the promoters, 29.55% shares are held by Raghav Bahl, 16.78% by Ritu Kapur, and 8.4% by Mohan Lal Jain.

Adani Enterprises in an exchange filing on Friday said that it has signed a share purchase agreement with Quintillion Media Ltd (QML), QBML, and Quint Digital Media Ltd (QDML) in connection with its proposed acquisition of a 49% equity share in QBML by AMG Media. The company, however, did not disclose the financial transaction involved in the deal.

On March 1, 2022, AMG Media Networks, a wholly-owned subsidiary of Adani Enterprises, had signed definite agreements with Quintillion Media Limited and Quintillion Business Media to buy a stake in Quintillion Business Media Limited.

“We would like to inform you that pursuant to the Memorandum of Understanding dated March 1, 2022, the company and its material subsidiaries viz. Quintillion Media Limited and Quintillion Business Media Limited have signed definite agreements with AMG Media Networks Limited, a wholly-owned subsidiary of Adani Enterprises Limited, to conclude the divestment of a 49% stake in Quintillion Business Media Limited,” Quint Digital Media said in a BSE filing.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.