Independent News and Media Plc has informed the BSE that it has sold 23.5 million ordinary shares of Jagran Prakashan Ltd. The sale represents approximately 7.8 per cent of the issued share capital of Jargan Prakashan and reduces Independent News and Media’s holding in the former to 5.7 per cent from the earlier 13.5 per cent.
Having originally invested €28.5 million to acquire its stake in 2005, following this share sale, Independent News and Media’s remaining holding in Jagran Prakashan is worth €33 million at current market price. In addition, Independent News and Media has received disposal proceeds of approximately €64 million from a combination of this disposal and its disposal in July 2009.
The company continues to hold its remaining shares in Jagran Prakashan.