(Reuters) - The publisher of the Daily Mail said on Thursday it would reduce its holding in Euromoney Institutional Investor Plc (ERM.L) to about 49 percent from about 67 percent to improve its investment portfolio and lower its debt.
Daily Mail and General Trust Plc (DMGT) (DMGOa.L) said it plans to sell about 32 million shares in Euromoney, publisher of the Euromoney magazine, via a secondary placing and a buyback of shares by Euromoney.
DMGT reported an 11 percent drop in its adjusted operating profit for the year to end-September, partially hurt by a 4 percent fall in Euromoney revenue on an underlying basis.
If the sale is approved by shareholders, Euromoney will cease to be a subsidiary of DMGT.
Lazard & Co is the financial adviser to DMGT, while Numis Securities and UBS are the joint bookrunners for the stake sale.
Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Saumyadeb Chakrabarty