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| Independent News divests 7.5% stake in Jagran Prakashan |
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UK-based media house Independent News & Media (INM) has sold another 7.5% chunk of its holding in Indian publishing group Jagran Prakashan for £37million (Rs 255 crore), continuing with its strategy of exiting non-core assets (report ET). INM, the owner of the loss-making Independent newspaper in the UK, will be left with a 6% holding in the publisher of Dainik Jagran after the latest transaction, which seeks to slowly, but profitably, bring the curtains down on its Indian investment undertaken some five years ago. "We have placed the block of Jagran shares with a group of high-quality investors," said Ravi Sardana, senior VP of ICICI Securities, which advised INM on the transaction. He did not disclose names of buyers, only saying that 23 million shares were picked up by a group of domestic mutual funds and foreign funds. The UK group, said to be in talks with Russian tycoon Alexander Lebedev to sell its Independent newspaper titles in the UK, had acquired a 26% stake in Jagran in 2005 for £28.5 million, which subsequently got diluted to 20.8% after the Indian companys initial public offering in 2006. It has, so far, sold around 14.8% stake for Rs 410 crore in two tranches - it last sold a 7.3% stake in July last year. Related Articles:
Last update: 08-03-2010 22:43
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