Independent News And Media Sells 7.3% In Jagran Prakashan; No Change In Relationship

Ireland’s Independent News and Media (INM), sold a 7.3% stake in Jagran Prakashan Ltd (JPL) in a series of bulk deals yesterday and today. JPL CFO R.K. Agarwal said the company has authorized INM to sell upto 22 million shares, amounting to 7% stake in the publisher of Dainik Jagran, India’s most read daily.

As per the shareholders’ agreement, JPL has the first right of refusal should INM decide to sell. While the companies did not do a private deal, Agarwal said the company was buying as much stock from the open market as possible without triggering an open offer. “I have authorized my people to buy upto 5%—that is the most we can buy under the restrictions of the takeover code,” Agarwal said. “Exactly how much we ended up buying, I’ll know only tomorrow,” Agarwal said.

The promoter group—Jagran’s Gupta family—held 59.25% ... [Follow Original Article link for full content.]