INM is likely to sell 6.5% equity in Jagran Prakashan today, sources told CNBC-TV18's Ekta Batra.
Sources said INM is likely to sell 6.5% equity via a block deal today. A banker from ICICI Securities said the deal size is over Rs 200 crore.
Recently, INM had sold around 14.8% stake for Rs 410 crore in two tranches. It sold 7.5% in March and another 7.3% in July 2009. It had acquired 26% in Jagran in 2005.
INM is the owner of loss-making Independent, UK. It had a successful debt restructuring in 2009 and secured a new four-and-a-half-year bank package. The company had in March revealed that it had reduced debt levels by 266 million euro in 2009.
Recently, it had raised 92.2 million euro through a rights issue and had completed the sale of Independent to Alexander Lebedev. Independent titles lost 12.4 million pounds in 2009.
