O'Brien, who has been building up his holding since April last year, said in a statement that he holds 142,670,235 ordinary shares at €0.30 each or 18.05% of the business. He had taken his share up to just over 17% earlier this month.
O'Brien, who is viewed as a "dissident shareholder" by the IN&M board, has long been critical of the company's chief executive and largest shareholder, Sir Anthony O'Reilly.
O'Reilly owns just over a 26% stake in the group and has vowed to resist O'Brien's calls to sell off The Independent and The Independent on Sunday.
IN&M shares are trading at €2.32. The company operates in Ireland, Britain, South Africa, Australia, New Zealand and India.
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