Independent News to up stake in Jagran Prakashan

New Delhi, Aug 17: Jagran Prakashan today said Ireland-based Independent News&Media PLC has filed an application with market regulator SEBI for further raising its stake by up to 3 per cent in the company.

The Irish firm, which holds 20.8 per cent equity share capital in the company, made the application to acquire further one to three per cent equity, through its wholly-owned subsidiary Independent News&Media Investments Ltd.

''Independent News filed the application with SEBI a few days back. If it gets the exemption, it will most probably raise the stake by three per cent, as it wants to take the maximum within the permissible 26 per cent limit,'' Jagaran Prakashan Chief Financial Officer R K Agarwal said while speaking to CNBC TV 18 news channel.

The company is seeking exemption from the applicability of regulations 10, 11, 12 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

The acquisition, if permitted, will take Independent News' share holding in Jagran to 24 per cent.

UNI