Shares in Jagran Prakashan dropped nearly 2 per cent, after the company announced a buyback of shares at Rs 75 per share. The stock was last trading at Rs 56.70 per share.
Jagran Prakashan notified the exchanges that the Board of Directors at its meeting held on December 09, 2019 has approved the buyback of the Company's fully paid-up equity shares having a face value of Rs 2 (Indian Rupees Two Only) each (the Equity Shares), for an aggregate amount not exceeding INR 1,012,500,000 (Indian Rupees One Hundred and One Crores and Twenty-Five Lakhs Only).
The price has been fixed at Rs 75 per share and is at a significant premium to the current market price.
Jagran Prakashan is one of the top publishing houses in the country and publishes the Dainik Jagran newspaper, which is the country's top read newspaper. The company also runs the radio business and digital business.