 "Jagran Prakashan hits 52-week high on acquisition plan of Radio City")
Jagran Prakashan has rallied 5% to Rs 147 in early morning trade on the National Stock Exchange (NSE) following acquisition of Music Broadcast Pvt Ltd, which operates the popular Radio City FM stations.
The stock opened at Rs 151 and touched a 52-week high of Rs 155 on NSE. A combined 243,695 shares changed hands on the counter till 0933 hours on NSE and BSE.
Jagran Prakashan, which runs leading Hindi daily Dainik Jagran, said the all-cash acquisition of Music Broadcast Pvt Ltd (MBPL), which had a turnover of Rs 161.8 crore last fiscal, is expected to provide strong return on its investment.
The company said, the acquisition will primarily be funded from internal accruals and investments and is subject to regulatory approvals from Ministry of Information and Broadcasting (MIB). The total value of the deal has not been revealed.
The stock opened at Rs 151 and touched a 52-week high of Rs 155 on NSE. A combined 243,695 shares changed hands on the counter till 0933 hours on NSE and BSE.
Jagran Prakashan, which runs leading Hindi daily Dainik Jagran, said the all-cash acquisition of Music Broadcast Pvt Ltd (MBPL), which had a turnover of Rs 161.8 crore last fiscal, is expected to provide strong return on its investment.
The company said, the acquisition will primarily be funded from internal accruals and investments and is subject to regulatory approvals from Ministry of Information and Broadcasting (MIB). The total value of the deal has not been revealed.
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