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News Detail

2nd Jul 2009

Disposal of Partial Holding in Jagran Prakashan Limited

Dublin/London – 2nd July 2009: Independent News & Media PLC (“INM” or “the Company”) announces that it has sold 22 million ordinary shares in Jagran Prakashan Limited (“JPL”) on the Bombay and National Stock Exchanges in India.

This sale represents approximately 7.3% of the issued share capital of JPL and reduces INM’s holding in JPL to 13.5% (previously 20.8%). Having originally invested €28.5 million to acquire its stake in 2005, following this share sale, INM’s remaining holding in JPL is worth c. €42 million at current market price.

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"The Independent is as faithful today to its founding principles as it was when it was launched 21 years ago. What it means is that what you see in the paper is solely the product of its journalists. It’s always punched above its weight and I think its influence in political, social and economic circles is far beyond its circulation would suggest."

Simon Kelner, Managing Director, The Independent and The Independent on Sunday
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