Jagran Prakashan completes promoters' stake consolidation

Media firm Jagran Prakashan Ltd (JPL) today said it has completed consolidation of the stakeholding of various promoters into a single holding company, Jagran Media Network Investment Pvt Ltd (JMNIPL).

"Process of consolidation of promoters' individual shareholding in terms of approval granted by Ministry of Information and Broadcasting into JMNIPL has been completed on July 15, 2011," the company said in a filing to the Bombay Stock Exchange.

JMNIPL becomes a holding company of JPL with 1,88,046,479 equity shares, constituting 59.46% of the issued and paid-up capital, which was earlier held by the promoters and their family members, the filing said.

It further said JMNIPL is a 100% owned by JPL's promoters and their family.

Twenty-one JPL promoters began consolidating their respective stakes in JPL into one holding company on July 4, 2011.

JPL's scrip was trading at Rs 112 on the BSE today, down 2.14% compared to the previous close.