Mumbai (Maharashtra) [India], Dec 9 (ANI): Media conglomerate Jagran Prakashan said on Monday that its board of directors has approved buyback of the company's fully paid-up equity shares for an aggregate amount not exceeding Rs 101.25 crore at a price not exceeding Rs 75 per equity share.
The maximum buyback size represents 8.56 per cent and 5.55 per cent of the aggregate of total paid capital and free reserves of the company based on audited standalone and consolidated financial statements as on March 31, which is less than 10 per cent in accordance with regulatory requirements.
The board has also constituted a committee for the purposes of buyback and delegated powers to move forward in this direction.
Company Secretary Amit Jaiswal has been appointed as the Compliance Officer. "The public announcement setting out the process, timelines and other statutory details of the buyback will be released in due course," Jagran informed stock exchanges.