MUMBAI, AUGUST 17: Newspaper publisher Jagran Prakashan Ltd. said on Thursday Ireland's Independent News & Media Plc. has approached the Indian market regulator to up its stake in the Indian firm by up to 3 per cent.
The application to the regulator to buy 1 to 3 per cent in the Indian firm from the open market was made by Independent News & Media Investments Ltd., a wholly owned unit of the Irish firm.
Independent now owns just over 20 per cent in the Indian company. Foreign firms can hold up to 26 per cent in an Indian newspaper.
"They want to take the maximum possible within the 26 per cent limit," said Chief Financial Officer, R.K. Agarwal.
The price at which the shares will be purchased was not known, he said.
Shares in the company that made their market debut in February, rose 3.64 per cent to 310 rupees in a slightly weak Mumbai market.
Jagran Prakashan, which publishes India's largest-selling daily newspaper, last week said it plans to launch a low-priced newspaper title in September.
