Independent News & Media (INM) has sold 17.1 million shares of Jagran Prakashan in two separate bulk deals on the Bombay and National Stock Exchanges. The sale represents 5.69 per cent equity in the media house. At an average price of Rs 188.10 per share, the deal fetched INM Rs 202.45 crore.
INM, which had acquired 26 per cent in Jagran Prakashan in 2005, had sold around 14.8 per cent for Rs 410 crore in two tranches in 2009. INM is the owner of loss-making Independent, UK.
Shares of Jagran Prakashan today closed 2.63 per cent down at Rs 120.10 on the National Stock Exchange.
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