This stock is 51% above 52-week-low, record date for ₹345 Cr buyback fixed
With a market worth of ₹1,872.84 Cr, Jagran Prakashan Ltd. is a small-cap business that operates in the consumer discretionary industry. The company has said that it will buyback 4.60 crore fully paid-up equity shares for a total of ₹345 crore. And Jagran Prakashan Ltd (JPL) informed the exchanges that the Board has accepted the proposal of a buyback price of ₹75 per share for the shares having a face value of ₹2. As a percentage of the total paid-up capital, 17.45% of the securities are proposed for the buyback. The size of the buyback offer corresponds to 23,67% and 16,89% of the total of the company’s fully paid-up equity capital and free reserves, respectively.
The company has said in a stock exchange filing that “regarding approval of the Board of Directors and of the members of Jagran Prakashan Limited (“the Company”) for Buyback of fully paid-up Equity Shares not exceeding 4,60,00,000 (Four Crore and sixty lakhs only) having a face value of INR 2/- (Indian Rupees two only) each at a price of INR 75/- (Indian Rupees Seventy-five only) per equity share payable in cash for an aggregate amount not exceeding INR 3,45,00,00,000/- (Indian Rupees Three hundred forty five crores only) excluding Transaction Costs, from all shareholders/ beneficial owners of the Equity Shares of the Company including members of the promoter and promoter group and persons acting in concert. In terms of the provisions of Regulation 42 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 9(i) of Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018, each as amended, we wish to inform you that the Buyback Committee of the Board of Directors of the Company, at its meeting held on December 20, 2022, has fixed Friday, January 06, 2023 as the ‘Record Date’ to determine: i. the entitlement and names of equity shareholders shall be eligible to participate in the Buyback; ii. the shareholders to whom the Letter of Offer and Tender Offer Form shall be delivered in relation to the Buy Back.”
On Friday the shares of Jagran Prakashan closed on the NSE at ₹71.20 apiece, down by 2.33% from the previous close of ₹72.90. The stock recorded a total volume of 462,000 shares compared to the 20-Day average volume of 299,630 shares. In the last 1 year, the stock has gained 20.37% and on a YTD basis, it has gained 14.38% so far in 2022. The stock had touched a 52-week-high of ₹82.00 on (10-February-2022) and a 52-week-low of ₹47.10 on (14-June-2022), indicating that at the current market price the stock is trading 13.17% below the 1 year high and 51.16% above the 1 year low.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.