Independent News&Media Plc (INM) has sold 17.1 million shares in Jagran Prakashan Ltd (JPL) on Indian sharemarkets to exit the investment.The 32 million euros ($NZ57 million) it received will be used to reduce bank debt.INM is a major shareholder in A
Independent News&Media Plc (INM) has sold 17.1 million shares in Jagran Prakashan Ltd (JPL) on Indian sharemarkets to exit the investment.
The 32 million euros ($NZ57 million) it received will be used to reduce bank debt.
INM is a major shareholder in APN News and Media, which owns The New Zealand Herald newspaper.
INM originally invested 28.5m euro to acquire 26 percent of JPL in 2005. It said it has received 96m euro in total as a result of share sales over the past 14 months. This tranche was the last of its holding.
"While we have been crystal clear that our immediate and continuing priorities are on reducing bank debt, achieving and sustaining leverage ratios at significantly lower levels, and focusing on growing our market-leading brands in our core markets, it is fitting to recognise that our five year investment in JPL has been a highly profitable one for INM, and I want to recognise the insight of former chief executives Tony O'Reilly and Liam Healy for initiating this investment," INM chief executive Gavin O'Reilly said.
Mr O'Reilly will continue as an independent non-executive director of JPL at the request of the founding Gupta family.
INM would continue to work with JPL and the Gupta family in exploring other ventures in what was undoubtedly one of the most exciting media markets in the world, Mr O'Reilly said.
