Independent News & Media to repay bank debt with shares sale

By Sara Rosenberg

New York, March 8 - Independent News & Media plc plans to pay down bank debt using proceeds from the sale of 23.5 million ordinary shares in Jagran Prakashan Ltd. on the Bombay and National Stock Exchanges in India, according to a news release.

The proceeds from this share sale are about €42 million.

Independent News & Media is a Dublin, Ireland-based newspaper and communications group.

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