The shares of Jagran Prakashan Ltd zoomed 11.04% on Friday to reach a fresh 52-week high of 84.00 apiece on the National Stock Exchange (NSE). Its shares were trading at ₹ 79.85 apiece at 11:40 AM.
With a market capitalization of ₹ 1988 crores, Jagran Prakashan Ltd is a media conglomerate with a presence across 13 states and union territories. Its interests span across printing and publication of newspapers & magazines, FM radio, digital, outdoor advertising and promotional marketing, event management and activation business.
The company on December 28, 2022, had submitted a draft letter to the bourses, related to the buyback of its fully paid-up equity shares having a face value of ₹ 2 each. It said that it will buy back not more than 4.60 crore equity shares at a price of ₹ 75 per share through the tender offer route.
Further, it added that the buyback will happen at an amount not exceeding ₹ 345 crores. It had set Friday, January 06, 2023, as the record date to determine the names of the shareholders who will be eligible to participate in the buyback.
The company’s shares gained 60% in the past six months, escalating from ₹ 49 levels to the current levels. It has a return on equity of 10.77% and an ideal debt-to-equity ratio of 0.17%.
Written by Simran Bafna
