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New Delhi, July 2

Independent News & Media (INM), the publishers of The Independent has sold 7.3 per cent of its stake in India media company, Jagran Prakashan through block deals. On Wednesday the company sold 45 lakhs shares for an average price of Rs 67.56 on the Bombay Stock Exchange in a block deal, and another 45 lakh shares on National Stock Exchange for an average price of Rs 68.87. Today in another two block deals, INM sold 45lakh shares on the BSE for an average price of Rs 67.39, and 84.5 lakh on the NSE for Rs 69.89. Over two days INM, which has been coping with financial troubles, in effect sold stake for about Rs 151 crore in the publisher of Dainik Jagran. Reports indicate that INM may completely exit Jagran Prakashan. Mr Sanjay Gupta, CEO and Editor of JPL, declined to comment. INM which also has businesses in Australia, Ireland, New Zealand, South Africa and the UK owned 20.8 per cent in the company. INM which publishes more than 200 newspapers and magazine titles is in financial trouble. Shares of Jagran Prakashan closed at Rs 71 down 3.46 per cent on the Bombay Stock Exchange.

– Our Bureau

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