Jagran Prakashan has received an approval from its board of directors for the buyback of the company's fully paid-up equity shares for an aggregate amount not exceeding Rs 101.25 crore at a price not exceeding Rs 75 per equity share. The maximum buyback size represents 8.56 per cent and 5.55 per cent of the aggregate of total paid capital and free reserves of the company based on audited standalone and consolidated financial statements as on March 31, which is less than 10 per cent in accordance with regulatory requirements.
The board has also constituted a committee for the purposes of buyback and delegated powers to move forward in this direction.
Jagran Prakashan has business interests in area of newspapers, outdoor, internet, magazines, below the line marketing solutions, and mobile value added services.
