The board of directors of Jagran Prakashan on Monday approved the buyback of the company’s shares for an aggregate amount not exceeding ₹101.25 crore at a price not exceeding ₹75 a share. The buyback would be 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, that is, using the electronic trading facilities of the NSE and BSE.
Shares of Jagran Prakashan slumped 7.3 per cent at ₹57.25 on the BSE. It may be recalled that the company had bought back ₹292.5-crore worth shares at ₹195 a share last year through tender route on a proportionate basis. Our Bureau