Jagran Prakashan soars 6% as board gives nod to MBL IPO

NEW DELHI: Shares of Jagran Prakashan surged over 6 per cent in Friday’s trade after the company approved the initial public offering (IPO) of its subsidiary, Music Broadcast (MBL).

In a filing to BSE, the company said the IPO would comprise fresh issue aggregating up to Rs 400 crore. Besides, existing shareholders will also tender shares the offer for sale (OFS).

“MBL has sent a letter of transmittal to its shareholders seeking their participation in the offer for sale portion of the IPO,” the company said.


The stock jumped 6.19 per cent to hit a high of Rs 180 on BSE, before retreating a bit. The stock had hit a 52-week high of 213 in September this year.

For the September quarter, the publisher of leading Hindi daily Dainik Jagran, reported a consolidated net profit of Rs 91.27 crore. This was against a net profit of Rs 56.60 crore it reported in the same quarter last year.

The company publishes papers such as Midday, City Plus, INext, Punjabi Jagran, Naidunia and Josh & Sakhi.