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Putting a big full stop to all the speculations, The Independent News & Media Plc UK has finally sold its 5.7% in India's leading print media entity Jagran Prakashan Limited. The value of the share sold has been estimated at Rs.201 crores.

"It is fitting to recognise that our five-year investment in JPL has been a highly profitable one for INM. The proceeds from this share sale are approximately e32 million, which will be fully, used to further, reduce bank debt consistent with our immediate priority and market guidance."  Gavin O’Reilly (CEO, INM) said in a statement.

INM purchased a stake of 26% in Jagran in the year 2005. After that a total of 14.8% has been sold by the company through IPOs.

Rs.118 has been set the price for each share. After the news of divestment broke down, the Jagran Prakashan share was quoting Rs 119.25, down Rs 3.95, or 3.21%.