INM sells partial stake in Indian publisher

Thursday, July 02, 2009 - 03:34 PM

Independent News & Media (INM) today announced that it has sold 22 million ordinary shares in Jagran Prakashan Limited (JPL), reducing its stake in the Indian publisher to 13.5% from 20.8%

"This sale represents approximately 7.3% of the issued share capital of JPL," the company said in a statement.

The company said proceeds from the sale - around €22m - will be used to pay down debt and enhance the liquidity of INM during the ongoing 'Standstill period' over its repayment of a €200m bond.

The statement said INM intends to remain a long-term investor in JPL and will not be disposing of any further shares.