INM to raise €40m for debt payments from shareholders

Newspaper publisher Independent News and Media plans to raise €40m from shareholders.

The money will be used to reduce the company’s debt mountain.

As part of the fund-raising the billionaire businessman Dermot Desmond will see his stake in the company rise to 15% from 6%.

Denis O’Brien will remain the biggest investor in INM with a stake of 29%.

If the remaining shareholders don't put more into the company their investment will be diluted.