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Promoters up stake as Blackstone exits holding company of Jagran Prakashan
MUMBAI: Private equity firm Blackstone has exited the parent company of Jagran Prakashan Ltd.
Blackstone has sold its entire 12.82% stake in Jagran Media Network Investment, the holding company of Jagran Prakashan, to the promoters for an undisclosed amount.
The promoters of Jagran Prakashan, the publisher of India’s most-read newspaper Dainik Jagran, have thus increased their stake in the entity.
Jagran Media Network Investment holds a 60.63% stake in JPL.
The promoters bought back the shares from Blackstone in two tranches—one in March and then in April.
In 2010, Blackstone had invested Rs225 crore in Jagran Media Network Investment.