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The UK-based Independent News & Media Plc (INM) has decreased its holding in the Indian media entity Jagran Prakashan Limited (Jagran) from 13.5% to 5.7%.

In an announcement made by INM, the company has informed that it has sold 23.5 million ordinary shares in Jagran on the Bombay and National Stock Exchanges in India. With this current sale INM reduces its holding in by 7.8% and remains with 5.7% holding in Jagran.

INM is currently on a rough stand on the financial front. The company is also in negotiations with Russian entrepreneur Alexander Lebedev to sell its London-based titles, The Independent and Independent on Sunday.

Through the sale of its holding in Jagran, INM has garnered approximately Euros 42 million, which will be used to pay down bank debt, says the company in a released statement.

INM initially bought 26% stake in Jagran in the year 2005 investing Euros 28.5 million. This was diluted to be around 20.8% in 2006 when Jagran conducted its IPO. INM disposed a part of its stake in July 2009 taking it from 20.8% to 13.5%.

Jagran is the Group that publishes India’s largest read daily “Dainik Jagran”. According to IRS 2009 R2 data Dainik Jagran has a total readership of 54.58 million readers.