Shareholders in Independent News and Media today approved the group's move to raise €43m in capital at the company's EGM in Dublin.

This is the final part of a debt restructuring exercise which will see the media company reduce its debt to €118m.

Earlier INM said that it had placed 86.3% of shares in its open offer arrangement, with the remaining 13.7% of shares being allocated to the investors with whom they had been conditionally placed. 

INM is issuing nearly 615 million new shares at seven cent each. 

Shares in the company were 2.5% lower by the close of business in Dublin trade today.