Jagran Prakashan board approves fund raising via NCDs

Jagran Prakashan announced that its board approved raising Rs 150 crore by issuing non-convertible debentures on private placement basis.

Jagran Prakashan's board approved allotment of 1,500 rated, secured, senior, listed, redeemable, non-convertible debentures (NCDs) with face value of Rs 10 lakh each, at par, aggregating to Rs 150 crore on private placement basis. The announcement was made after market hours yesterday, 27 April 2020.

Jagran Prakashan's consolidated net profit rose 13.98% to Rs 75.90 crore on a 9.91% decline in net sales to Rs 552.98 crore in Q3 December 2019 over Q3 December 2018.

Jagran Prakashan is a media and communications company with interests in print, digital, radio, out-of-home (OOH) and activation. The company is engaged in the business of printing and publication of newspapers and periodicals, business of radio broadcast and all other related activities through its radio channels operating under brand name Radio City 91.1 frequency modulation (FM) in India.

Shares of Jagran Prakashan declined 2.15% to Rs 43.25 on BSE. The scrip hovered in the range of Rs 43 to Rs 45.15 so far.

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