Jagran Prakashan board approves share buyback worth Rs 300 cr

Jagran Prakashan, the publisher of leading Hindi daily 'Dainik Jagran', today said its board has approved buyback of 4.75 per cent equity shares worth over Rs 300 crore of the company.
The Board of Directors of the company unanimously approved a buy-back proposal for the purchase by the company of up to 1,55,00,000 fully paid up equity shares representing 4.74 per cent "for an aggregate amount of Rs 302.25 crore", the company said in a filing to BSE.
The buyback of equity shares would be through a tender offer route at a price of Rs 195 per share.
The company will seek approval of shareholders for the proposal by way of special resolution through postal ballot.

Shares of the company closed 1.91 per cent lower at Rs 177.40 apiece on BSE.