Jagran Prakashan Limited will buyback nearly 1,96,66,666 crore shares for about Rs.118/- crore (Rupees One Hundred and Eighteen crore only)/-. In a filing to the stock exchanges, Jagran Prakashan Limited said it will buyback 9.97% percent of the fully paid-up equity shares at a price of Rs.60/- per share.
The board of directors of Jagran Prakashan Limited approved the proposal to buyback of not exceeding 1,96,66,666 crore equity shares of face value of Rs 2 each of the company (representing 9.97% percent of the total number of fully paid-up equity shares in the paid-up share capital of the company) at a price of Rs 60 per equity for an aggregate consideration not exceeding Rs 118 crore," it said.
Jagran Prakashan Limited BuyBack 2021 Offer Deal:
| Buyback Type: | Open Market Offer |
| Buyback Record Date: | N/A |
| Buyback Offer Amount: | ₹ 118 Crore |
| Date of Board Meeting approving the proposal: | Mar 02 2021 |
| Date of Public Announcement: | Mar 04 2021 |
| Buyback Offer Size: | 9.97% |
| Buyback Number of shares: | 1,96,66,666 |
| Price Type: | Open Market |
| FV: | Rs. 2 |
| Buyback Price: | ₹ 60 Per Equity Share |
Jagran Prakashan Limited buyback of 1,96,66,666 equity shares which is around 9.97% of all the existing number of equity shares at a price of ₹60 per equity share. The buyback offer not exceeding of ₹ 118 crore of total buyback offer size.
Note: If anything you want to know about the buyback offer you can refer the Jagran Prakashan Limited offer documents. Click Here
Jagran Prakashan Limited Buyback Important Dates
| Buyback Activity | Date |
|---|---|
| Board Meeting for Jagran Prakashan Limited Buyback proposal | 02.03.2021 |
| Jagran Prakashan Limited Buyback Approval date | 02.03.2021 |
| Public Announcement of Buyback | 04.03.2021 |
| Buyback Start Date ( Commencement Date ) | 08-03-2021 |
| Last date for the completion of the Buy-back | 07-09-2021 |
Necessity of Buyback by Jagran Prakashan Limited
Buy-back is the acquisition by a company of its own shares. Buy-back is an efficient form of returning surplus cash to the members holding equity shares of the Company, inter-alia, for the following reasons:
i. The Buy-back will help the Company to return surplus cash to its members holding equity shares broadly in proportion to their shareholding, thereby, enhancing the overall return to members;
ii. The Buy-back, which is being implemented through the Tender Offer route as prescribed under the Buy-back Regulations, would involve allocation of higher of number of shares as per their entitlement or 15% of the number of shares to be bought back, reserved for the small shareholders. The Company believes that this reservation of 15% for small shareholders would benefit a large number of public shareholders, who would get classified as "small shareholder;
iii. The Buy-back would help in improving return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders' value; and
iv. The Buy-back gives an option to the members holding equity shares of the Company, who can choose to participate and get cash in lieu of Equity Shares to be accepted under the Buy-back offer or they may choose to not participate and enjoy a resultant increase in their percentage shareholding, post the Buy-back offer, without additional investment.
About Jagran Prakashan Limited
Jagran Prakashan Limited was incorporated on 18 July 1975 under the Companies Act as "Jagran Prakashan Private Limited" and, subsequently, became a deemed public limited company under Section 43A of the Companies Act. In 2000, upon amendment of Section 43A of the Companies Act, The Company chose to keep its status as a public limited company pursuant to shareholders resolution passed on 31 August 2000. In 2004, The Company was again converted into a private limited company as per the stipulations under the Original Shareholders Agreement and pursuant to shareholders resolution passed on 28 September 2004. Further, on 23 November 2005. The Company was converted into a public limited company in the light of the Issue pursuant to a shareholders resolution passed on 18 November 2005.
How to Participate in buyback?
Jagran Prakashan Limited Buyback 2021 FAQs:
When is Jagran Prakashan Limited Buyback Start Date?
Jagran Prakashan Limited buyback 2021 start date is 08 March 2021
When is Jagran Prakashan Limited Buyback announcement Date?
Jagran Prakashan Limited buyback 2021 announcement date is 04 Mar 2021.
What is Jagran Prakashan Limited Buyback Price?
The company has fixed the price at ₹ 60
What is Jagran Prakashan Limited Buyback Last Date?
Jagran Prakashan Limited buyback Last Date is 07 Sep 2021.
