| Independent
News & Media Investments Ltd, a wholly owned subsidiary of Independent
News & Media PLC and strategic partner of Jagran Prakashan Limited
holding 20.8% equity share capital, has filed an application with
SEBI seeking exemption from the applicability of Regulations 10, 11,
12 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations,
1997 for further acquisition of 1% to 3% equity shares of Jagran Prakashan
Limited from the open market.
About Independent News & Media PLC:
Independent News & Media PLC is a leading international newspaper
and communications group, with interests in Australia, India, Ireland,
New Zealand, South Africa and the United Kingdom. It owns owns or
has investment in companies, with market leading newspaper positions
in various countries, including India. Sir Anthony O' Reilly, is
the Chief Executive of Independent News and Media PLC.
It is a strategic investor in Jagran Prakashan and had 26% interest
in the company prior to the IPO. Post-IPO, the stake got reduced
to 20.8% on account of fresh issue of equity. However, the promoters
- Gupta family - owns 59.2% in JPL. Public shareholding is 20 %.
Any acquisition by Independent would trigger open offer under takeover
code as both Independent and Gupta family own more than 75% in the
company. However, public shareholding would then fall below 20%,
thereby violating provisions of continued listing.
Hence, Independent group has filed an application with SEBI today
to seek exemption from the takeover code provisions and sought permission
to acquire upto 3% equity from the open market.
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