Independent News and Media has announced details of its planned capital raising exercise, which will reduce its core debt to €118m.

The media group said that the capital raise is expected to make €40m, net of expenses, and will be the final stage of the restructuring programme.

Shares in the company rose by 33% in Dublin trade.

INM said that the completion of this final stage of restructuring will provide it with financial stability, while it will also give it a firm platform to implement its business plan as well as lowering its annual interest costs and extending its debt maturity profile.