INM’s Indian stake now worth €62.5m

IRISH INDEPENDENT owners Independent News & Media (INM) said on Wednesday its 20.2% stake in Jagran Prakashan was now worth €62.5 million, after the Indian company completed an initial public offering (IPO).

“This represents an increase of 220% on the group’s original investment, completed in June 2005,” INM said.

INM last year acquired a 26% stake in Jagran Prakashan (JPL), publisher of top-selling Indian daily, the Hindi Dainik Jagran.

JPL’s stock market listing attracted a price of 320 rupees (€6) per share. The issue valued JPL at 16.5 billion rupees (€309.4m).