1st Feb 2006 17:01
Independent News & Media PLC01 February 2006 INDEPENDENT NEWS & MEDIA PLC ANNOUNCEMENT OF SUCCESSFUL COMPLETION OF JAGRAN INITIAL PUBLIC OFFERING Ticker: (Reuters) INWS.I / INWS.L and (Bloomberg) INWS ID Dublin/London - 1 February, 2006: Independent News & Media PLC ('Independent' orthe 'Group') is pleased to announce that its associate company, Jagran PrakashanLimited ('JPL') - publishers of India's largest circulating/world's largest readnewspaper, Dainik Jagran - has today announced the successful conclusion of itsinitial public offering, at a price of Rupees 320 per share. JPL, which had entered the capital markets with a public issue of 11,544,873equity shares of Rs.10 each (including a Green Shoe Option) in a price band fromRupees 270 to Rupees 324 per share, received an overwhelming response. TheCompany received over 173,000 applications, most of which were at the highestend of the price band of Rupees 324. The issue was subscribed 14.18 times. The QIB portion was subscribed 16.26times, the non-institutional investors portion was subscribed 23.42 times andthe retail portion received a subscription of 6.93 times. Following confirmation of the issue price of Rupees 320 per share and theexercise of a Green Shoe Option, JPL is now valued at Rupees 16,544 million(€309.4 million). Following this issue, Independent's 20.2% stake in JPL isvalued at €62.5 million - this represents an increase of 220% on the Group'soriginal investment, which was completed in June 2005. *"This announcement has been prepared for publication in India and may not bereleased in the United States. This announcement does not constitute an offer ofsecurities for sale in any jurisdiction, including the United States, and anysecurities described in this announcement may not be offered or sold in theUnited States absent registration under the US Securities Act of 1933 or anexemption from registration." ENDS For further information, please contact: Gavin O'Reilly Chief Operating Officer +353 1 466 3200 Donal Buggy Chief Financial Officer +353 1 466 3200 Investors and analysts Media MediaMark Kenny/ Jonathan Neilan Pat Walsh Rory GodsonK Capital Source Murray Consultants Powerscourt MediaTel: +353 1 631 5500 Tel: +353 1 498 0300 Tel: +44 207 236 5619Email:[email protected] About Independent News & Media PLCIndependent News & Media PLC is a leading international media and communicationsgroup, with interests in Australia, Ireland, New Zealand, South Africa, theUnited Kingdom and most recently, India - operating in the areas of newspapers(national and regional), radio and outdoor advertising. The Group publishes over175 individual titles with a weekly audience of over 100 million consumers, inaddition to its 70+ online sites. The Group manages gross assets of €4.0billion, revenue of over €1.8 billion and employs over 11,000 people worldwide.Further information is available on the Group's website www.inmplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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