13th Jan 2006 08:43
Independent News & Media PLC13 January 2006 INDEPENDENT NEWS & MEDIA PLC Announcement of publication of JPL price range prospectus Ticker: (Reuters) INWS.I / INWS.L and (Bloomberg) INWS ID Dublin/London - 13 January, 2006: Independent News & Media PLC ("INM" or the"Group"), a leading international media and communications group, todayannounces that Jagran Prakashan Limited (JPL) has announced its price rangeprospectus ahead of its expected Initial Public Offering (IPO) on the BombayStock Exchange. The price range is Rs270 - Rs324 per share. This would value JPLat Rs13.6 billion - Rs16.3 billion (€255 million - €306 million). INM acquired a 26% stake of JPL for €28 million in June 2005 and following theIPO the value of INM's investment would increase to €53 million - €64 million.Although the Group is not selling any shares in the IPO, INM's holding willdilute to circa 21% following the issue of in excess of 10 million new shares byJPL. JPL is the publisher of the Hindi-language Dainik Jagran, India's largestselling and most read, daily newspaper. The paper has the largest dailyreadership of any newspaper worldwide (21.2 million), and publishes 25 editionsfrom 28 printing centres across India. JPL intends to use the proceeds of theIPO for expansion, general corporate expenses, working capital needs, outdoorexpansion and acquisitions. ENDS For further information, please contact: Gavin O'Reilly Chief Operating Officer +353 1 466 3200Donal Buggy Chief Financial Officer +353 1 466 3200 Investors and analysts Media Media Mark 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 PLC Independent 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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