Independent News & Media Investments Ltd may sell 6.5% stake in Jagran Prakashan today for over Rs 200 Cr.
ICICI securities Ltd is the advisor to INM on the transaction.
However, as of June 2010, INM held 5.69% stake in the company. It is likely that INM may have bought 0.8% equity in the last 1 month.
Transaction reference: Money Control
Independent News & Media Investments Limited is a wholly owned subsidiary of Independent News & Media Plc- a leading international newspaper and communication.
INM had acquired a 26% stake in JPL in 2005 at Rs467 per share from Jagran's promoters- Gupta Family. At that time, the deal financed from Independent’s cash balances.
The company has been selling its stake to exit Jagran Prakashan since July 2009 as a part of its strategy to exit non- core assets.
In March 2010, INM sold 7.5% equity for Rs 255cr; the proceeds were used to pay of INM's bank debt.
INM’s financial difficulties have been known for a while now. The company was facing bankruptcy last year reported by an Irish newspaper.
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 04/08/10 |
Jagran Prakashan - Independent News & Media (Exit) |
M&A |
Entity Not Known |
43.25 |
| 09/03/10 |
Jagran Prakashan-Independent News (Partial Exit) |
M&A |
Entity Not Known |
56.00 |
| 01/07/09 |
Jagran Prakashan - |
M&A |
|
- |
| 31/01/06 |
Jagran Prakashan Limited - IPO |
IPO / Offerings |
|
72.90 |
| 31/12/04 |
Jagran Prakashan - Independent News Services |
M&A |
Independent News Services Private Limited |
38.67 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 02/02/12 |
M&A |
The Walt Disney Company |
UTV Software Communications Limited |
- |
Announced |
| 24/01/12 |
M&A |
Legrand India Private Limited |
Unknown |
- |
Planned |
| 19/01/12 |
IPO / Offerings |
|
Ram Kaashyap Investment Limited |
75.00 |
Completed |
| 17/01/12 |
M&A |
Marico Limited |
Unknown |
- |
Planned |
Company |
| Name | Promoters | Office | Competitor | Website |
| Jagran Prakashan Limited |
Mahendra Mohan Gupta & Family |
Jagran Building-2,
Sarvodaya Nagar,
Kanpur-208005. |
Deccan Chronicle Holdings Limited
Mid-Day Multimedia Limited |
www.jagran.com |
 |
ICICI Securities |
