Jagran Prakashan board approves share buyback worth up to Rs 118 crore

Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, on Tuesday said its board has approved buying back shares worth up to Rs 118 crore.

"The board of directors of the company... approved the buyback of the company's fully paid-up equity shares of face value of Rs 2 each for an aggregate amount not exceeding Rs 118 crore... and at a price not exceeding Rs 60 per equity share payable in cash, from its shareholders/ beneficial owners (other than those who are promoters, members of the promoter group or persons in control), from the open market through stock exchange mechanism," it said in a regulatory filing.

As per the company, the indicative number of shares proposed to be bought back would be 1,96,66,666, representing 6.99 per cent stake.

Jagran Prakashan said the public announcement setting out the process, timelines and other statutory details of the buyback will be released in due course.

Shares of the company declined nearly 7 per cent to close at Rs 57 on the BSE.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel