Media biggie Jagran Prakashan goes for buy-back
Shital Jibhe / 10 Jan 2017
The publisher of daily Jagran Prakashan wants its shareholders’ approval for buy-back of its equity shares. The company's board of directors had approved the policy in a meeting held on January 5. Shares of Jagran Prakashan was trading at Rs 177.95 down 1.14 per cent on NSE at the time of filing this report.
The publisher of daily Jagran Prakashan wants its shareholders’ approval for buy-back of its equity shares. The company's board of directors had approved the policy in a meeting held on January 5.
The company has priced its share at 195 per share, involving total purchase of up to 1.55 crore equity shares for an aggregate amount of Rs 302.25 crore. This represents 4.74 per cent of the total number of outstanding equity shares of the company.
Buy-back decision also signifies the company's management’s confidence in the underline business of the entity and sensing cheap and attractive valuations of Jagran Prakashan's stock makes them go ahead with the decision.
In another development, the media company’s arm Radio City filed DRHP (draft red herring prospectus) with the market regulator to go in for a public issue.
Shares of Jagran Prakashan was trading at Rs 177.95 down 1.14 per cent on NSE at the time of filing this report.
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