Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, on Tuesday said its board has approved buying back shares worth up to Rs 118 crore.
"The board of directors of the company... approved the buyback of the company's fully paid-up equity shares of face value of Rs 2 each for an aggregate amount not exceeding Rs 118 crore... and at a price not exceeding Rs 60 per equity share payable in cash, from its shareholders/ beneficial owners (other than those who are promoters, members of the promoter group or persons in control), from the open market through stock exchange mechanism," it said in a regulatory filing.
As per the company, the indicative number of shares proposed to be bought back would be 1,96,66,666, representing 6.99 percent stake.
Jagran Prakashan said the public announcement setting out the process, timelines and other statutory details of the buyback will be released in due course.
Shares of the company declined nearly 7 percent to close at Rs 57 on the BSE.
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