Jagran Prakashan has moved up as the UK-based media house Independent News & Media (INM) sold 7.5 per cent or over half of its remaining holding in the publishing group to a bunch of domestic and foreign funds for Rs 255 crore. The stock is trading at Rs 120, higher by Rs 2 or 1.9%, on the BSE. The shares had opened at Rs 118, which was also the day's low, and have touched a high of Rs 122 thus far.
INM, which is exiting its non-core assets, had made the investments four years earlier. The stake sale took place at Rs 111 a share, a discount of 9.3 per cent to Jagran’s closing price of Rs 122.40 a share on the BSE on Monday.
Independent News & Media owns the loss-making British daily, The Independent.