Jagran Prakashan Limited announces an Equity Buyback for 15,500,000 shares, for INR 3,022.5 million.
January 05, 2017 at 09:13 am
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Jagran Prakashan Limited (BSE:532705) announces a share repurchase program. Under the program, the company will repurchase up to 15,500,000 shares, representing 4.74% of the total paid-up share capital, at a price of INR 195 per share, for an aggregate amount of INR 3,022.5 million. The purchases will be made through tender offer. The repurchases will be payable in cash and will be funded out of the securities premium account and/or out of free reserves or such other sources as may be permitted by law. The purpose of the buyback is to help optimize the capital structure. The buyback would be subject to receipt of approval of the members of the company by way of special resolution through postal ballot. Jagran Media Network Investment Private Limited has informed the company of its intention to participate in the offer. The offer will expire on April 10, 2017.
On January 9, 2017, the company sent a notice of postal ballot to its shareholders seeking their approval for the equity buyback program.
On February 10, 2017, the company announced that the record date for the offer is February 24, 2017.
Jagran Prakashan Limited is an India-based company, which is engaged in the printing and publication of newspapers and magazines in India. The other activities of the Company comprise outdoor advertising business, event management and activation services and digital business. Its segments include printing, publishing and digital, FM Radio, and Others. The Printing, publishing and digital segment comprises advertising revenue, sales of newspapers, magazines and others. The FM radio business comprises advertisement from sale of radio airtime. The Others segment comprises outdoor advertising and event management and activation services. It operates its business of radio broadcast and all other related activities through its radio channels operating under the brand name Radio City in India and the business of providing event management services and outdoor activities. It prints approximately 10 titles across 13 states in five different languages. Its flagship brand is Dainik Jagran.
JAGRAN PRAKASHAN LIMITED 
