Quint's shares are up over 9% after Adani Group agreed to buy 49 percent of the company

According to a regulatory statement to the exchanges, Adani Group's arm AMG Media Networks will purchase a 49 percent ownership in Raghav Bahl's digital business news site Quintillion Business Media for an unknown fee.

Adani Enterprises, a subsidiary of the Adani Group, entered the media business early this year by purchasing an undisclosed minority share in Quintillion Business Media.

In connection with its proposed acquisition of a 49 percent ownership in Quintillion Media Ltd (QML) and Quintillion Media Ltd (QBML), it has signed a Shareholders' Agreement and a Share Purchase Agreement with QML, QBML, and Quint Digital Media Ltd (QDML).

The deal is reportedly subject to customary closing conditions as well as necessary regulatory clearances.

Quint Digital Media's stock jumped dramatically on Monday, gaining more than 9% at 12.13 p.m. The current price of the stock is Rs 325.