Investor Relations
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1st Feb 2006

INM Announcement of successful completion of Jagran Initial Public Offering

Independent News & Media PLC ['Independent' or the 'Group'] is pleased to announce that its associate company, Jagran Prakashan Limited ['JPL'] publishers of India's largest circulating/world's largest read newspaper, 'Dainik Jagran' has today announced the successful conclusion of its initial public offering, at a price of Rupees 320 per share.

JPL, which had entered the capital markets with a public issue of 11,544,873 equity shares of Rs.10 each (including a Green Shoe Option) in a price band from Rupees 270 to Rupees 324 per share, received an overwhelming response. The Company received over 173,000 applications, most of which were at the highest end of the price band of Rupees 324.

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“Independent News & Media has always understood that beyond being a very successful company in the financial sense, it has broader social responsibilities to all those communities where it operates. This is demonstrated by over 200 projects and charities which the company has underwritten and supported and can be seen from the work that INM has done in education, particularly the work they’ve done in health education in South Africa in relation to HIV and AIDS.”

Baroness Margaret Jay, Non-Executive Director
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