Jagran Prakashan gains as subsidiary plans IPO

Jagran Prakashan rose 2.98% to Rs 174.55 at 9:46 IST on BSE after the company said its subsidiary, Music Broadcast, plans an initial public offer.

The announcement was made after market hours yesterday, 24 November 2016.

Meanwhile, the BSE Sensex was up 102.74 points, or 0.40%, to 25,962.91.

On BSE, so far 6,979 shares were traded in the counter, compared with average daily volume of 65,386 shares in the past one quarter. The stock hit a high of Rs 180 and a low of Rs 172.50 so far during the day. The stock hit a record high of Rs 213 on 8 September 2016. The stock hit a 52-week low of Rs 142 on 26 November 2015. The stock had underperformed the market over the past 30 days till 24 November 2016, falling 13.01% compared with the 7.10% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9.33% as against Sensex's 6.92% decline.

The mid-cap company has equity capital of Rs 65.38 crore. Face value per share is Rs 2.

Jagran Prakashan announced that board of directors of the company's subsidiary, Music Broadcast (MBL), approved an initial public offer (IPO). The IPO will comprise a fresh issue of upto Rs 400 crore and an offer for sale by existing shareholders. MBL has sent has sent a letter of transmittal to its shareholders seeking their participation in the offer for sale for the sale portion of the IPO.

Jagran Prakashan's net profit rose 5.4% to Rs 73.64 crore on 8.9% growth in net sales to Rs 462.70 crore in Q1 June 2016 over Q1 June 2015.

Jagran Prakashan is a leading media and communications group with interests spanning across newspapers, radio, magazines, outdoor advertising, promotional marketing & event management, and digital businesses.

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