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

Quotes

1. “ I have authorized my people to buy upto 5%—that is the most we can buy under the restrictions of the takeover code. ”

   By R.K. Agarwal

2. “ This sale represents approximately 7.3% of the issued share capital of JPL and reduces INM's holding in JPL to 13.5% (previously 20.8%). Having originally invested €28.5 million to acquire its stake in 2005, following this share sale, INM's remaining holding in JPL is worth c. €42 million at current market price. ”

3. “ They have some difficulties, they wanted to dilute and we agreed. ”

   By R.K. Agarwal

4. “ We won't ask them to vacate a seat. Their contribution is too valuable. ”

Entities Mentioned

• Sanjay Gupta
• Jagran Prakashan Ltd
• Mahendra Mohan Gupta
• R.K. Agarwal

1. 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 ... (Read Full Article)

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