INM cuts stake in Indian media company

Independent News & Media has cut its stake in Indian media company Jagran Prakashan from 20.8% to 13.5%, raising €22 million (£19 million).

INM is currently negotiating the refinancing of a £200 million (£178 million) bond, due for payment on 24 July.

It said that it would use the money raised from the sale to “pay down debt and enhance the liquidity of the company during the ongoing standstill period”.

“The company is happy to confirm that it intends to remain a long-term investor in JPL and will not be disposing of any further shares,” the company said in a statement.

“As a significant and long-standing shareholder in JPL, INM is very pleased with its remaining exposure to the fast-growing Indian newspaper market and looks forward to continuing to work with JPL and the Gupta family in successfully expanding its business interests across India.”