INM offloads India media company shares worth €42m

Independent News & Media has sold 23.5 million ordinary shares in Jagran Prakashan Limited ("JPL") on the Bombay and National Stock Exchanges in India.

This sale represents approximately 7.8% of the issued share capital of JPL and reduces INM's holding in JPL to 5.7% (previously 13.5%).

INM said this evening that the proceeds from this share sale were approximately €42m, which will be used to pay down bank debt.

Having originally invested €28.5m to acquire its stake in 2005, following this share sale, INM's remaining holding in JPL is worth about €33m at the current market price. In addition, INM has received disposal proceeds of approx. €64m from a combination of this disposal and its disposal in July 2009.

The company continues to hold its remaining shares in JPL. JPL has a leading market position in the fast-growing Indian newspaper market and is the publisher of Dainik Jagran, India's largest read daily newspaper with a total readership of 54.58 million readers.