Denis O'Brien has again upped his stake in Independent News & Media. A statement to the stock exchange today said he now held just over 22.15% of the media company.

The statement said he now had a total of 175,053,996 ordinary shares in the company.

Mr O'Brien has been building up his holding in INM recent months and brought his stake above 20% earlier this month. He is now the second biggest shareholder in Independent after Tony O'Reilly and family.

Shares in Independent News and Media closed up 15 cent at €1.75 in Dublin - a gain of 9%. The company is due to report its annual results later this week.