Telecoms entreprenuer Denis O'Brien has increased his stake in Independent News and Media to 18.6 per cent, making him the largest single investor, the company disclosed today.
Mr O'Brien owned 13.8 per cent of the media group before today's transaction, a spokeswoman said.
A stock exchange statement indicated that Mr O'Brien bought 168 million shares in the group.
Based on today’s prices, the increased holding would have cost Mr O’Brien just under €22 million.
The group was last year forced to issue 723.2 million new ordinary shares to its bondholders in settlement of a €200 million debt that was due to repaid last May.
Mr O’Brien, who has been in a long-running battle for control of the company with chief executive Gavin O’Reilly, unsuccessfully attempted to revoke the board’s authority to issue new shares at an extraordinary general meeting last November.
Prior to the share issue, Mr O’Brien had built up a 26 per cent stake in the company.