Share of Quint Digital Media was locked at 20 per cent upper circuit at Rs 483.40 on the BSE in Wednesday’s trade after the company announced that Adani Group would acquire a minority stake in Quintillion Business Media Private Limited (QBM), an indirect subsidiary of Quint Digital.

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The proposed transaction with the Adani Group is only for QBM, a digital business news platform and not about other digital media/ media tech properties owned by Quint Digital viz. The Quint, Quintype Technologies, the new minute and Youthkiawaaz,” said Quint Digital in a stock exchange filing without quantifying the stake Adani was taking.

The closure of the transaction with the Adani Group is subject inter-alia to customary due diligence and definitive documents, the company said.