Independent News sells 5.7% in Jagran Prakashan

Shares of Jagran Prakashan Ltd. fell after Independent News & Media Plc. sold its entire stake in the Indian newspaper publisher. According to reports, Independent News & Media Investments Ltd. sold about 5.7% stake in Jagran Prakashan for over Rs2bn. The 100% subsidiary of UK-based media company sold shares in Jagran at Rs118 apiece. ICICI Securities was the sole advisor to Independent News & Media on this transaction, according to reports. Independent News & Media had acquired a 26% stake in Jagran in 2005 at Rs467 per share from Jagran's promoters. But it has been selling its stake in Jagran since July 2009 as a part of its strategy to exit non-core assets. In March 2010, Independent News & Media sold 7.5% equity in Jagran for Rs2.55bn to pay off its debt.