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The board of Jagran Prakashan on Thursday approved a buy-back proposal, involving purchase of up to 1.55 crore equity shares at a price of ₹195 a share, for an aggregate amount of ₹302.25 crore. This represents 4.74 per cent of the total number of outstanding equity shares of the company. The buyback would be made out of the securities premium account and/or out of the free reserves or such other sources as may be permitted by law, from the existing shareholders of the company on proportionate basis through the tender offer route. The aggregate amount to be expended by the company for the buyback will not exceed 25 per cent of the company’s total paid-up capital and free reserves based on the audited financial statements of the company as on March 31, 2016.
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