Independent News & Media (INM)has sold its remaining 5.7 per cent stake in Indian publisher Jagran Prakashan Limited (JPL).
The stake netted INM €32 million, which it said will go towards reducing bank debt.
INM chief executive Gavin O'Reilly will continue to serve as an independent non-executive director of JPL.
The company bought a 26 per cent stake in JPL in 2005, investing €28.5 million. Over the past 14 months, it has sold the shares, raising about €96 million.
“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," Mr O'Reilly said.
