Jagran Prakashan Limited incorporated in 1975, is in the business of printing and publishing newspapers with the flagship newspaper brands – Dainik Jagran and Naidunia, Radio City, magazines, journals, and other media like radio, digital, out-of-home advertising and activation among the company’s other interests. Jagran.com is the online version flagship brand of the Jagran New Media and is the No.1 Hindi News and Information site in India with over 4 cr monthly average unique visitors and more than 34 cr monthly average page views across their digital properties.
JPL Chairman and MD Mahendra Mohan Gupta on Nov 4 said: ”The Board has recommended buyback of equity shares aggregating Rs 345 crs for shareholders’ approval, in line with our policy of rewarding shareholders”. The Company will buy back its fully paid-up equity shares with a face value of INR 2/- each, up to 4.6 cr Equity Shares for an aggregate amount not exceeding INR 345 cr, excluding any expenses incurred. According to the latest available audited standalone financial statements for the fiscal year ended March 31, 2022, the buyback represents 23.67% and 16.89% of the sum of the Company’s paid-up capital and free reserves, respectively. The buyback offer is subject to shareholder approval via a special resolution, which would be secured by postal ballot. The remote e-voting period began on Nov 18, 2022 at 9:00 a.m. and ended on Saturday, December 17, 2022 at 5:00 p.m. According to the filing, the Postal Ballot results will be disclosed on or before Tuesday, December 20, 2022, at 05:00 P.M.
As per data provided by the company, as of October 28, 2022, Promoters & Promoter Group along with persons acting in concert, own 69.41% of equity share capital, Foreign Investors holds 4.18%, FII and institutions hold 1.44%, and others hold 15.97% of equity share capital. The Company’s debt-equity ratio will be less than 2:1 following the buyback.
No comment yet, add your voice below!