Independent News & Media is to raise euro 104 million by placing a further 51,864,150 ordinary shares on the market at a price of euro 2.02 per share.
The company said the proceeds will be used to support the growth of the group, to reduce short-term and long-term indebtedness and for general corporate purposes.
The placing representing 10 per cent of the existing issued share capital of the company and will be in two separate tranches.
The first of 25,932,075 shares, is within the existing allotment for the directors of the company. The second tranche, must be approved by shareholders at an extraordinary general meeting.
Sir Anthony O'Reilly, executive chairman of the company, has committed to subscribe for 13,951,456 new shares to maintain his current holding 0f 26.9 per cent of the company.
The placing has been arranged by Davy Stockbrokers.