Jagran Prakashan has informed the exchanges that its Board of Directors, at its meeting held on April 27, approved a buyback of upto 1.5 crore fully paid-up shares of face value ₹2 each representing 4.82 per cent of the total equity capital of the company, for an aggregate amount of ₹292.5 crore. The buyback price is set at ₹195 per share. The buyback, to be done on proportionate basis through the tender offer route, is subject to statutory approvals. The stock of Jagran Prakashan closed at ₹165.35, up 0.64 per cent over its previous close on the BSE.
Correction
This report has been modified to correct the buyback price to ₹195, from ₹295.