Jagran Prakashan Limited (BSE:532705) announces a share repurchase program. Under the program, the company will repurchase up to 46,000,000 shares, representing 17.45% of its issued share capital for INR 3,450 million. The shares will be repurchased at a price not exceeding INR 75 per share.

The purpose of the program is returning surplus cash to the members holding equity shares of the Company and improving return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders' value. The funds required for implementation of the Buyback will be sourced from current balances of cash and cash equivalents and/or internal accruals of the Company and/or liquidation of financial instruments held by the Company. The Buyback offer is subject to the approval of the shareholders by way of a special resolution to be obtained through postal ballot.

The offer will close on March 16, 2023. As of October 28, 2022, the company had 263,654,272 shares issued and outstanding.