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Monday, January 16, 2006

Jagran Prakashan to come up with IPO on Jan 25

Media group Jagran Prakashan will bring out an IPO on January 25, report agencies.

The initial public offering, IPO, of 1,15,44,873 equity shares of Rs 10 each, consists of a fresh issue of 1,00,39,020 equity shares and a greenshoe option of upto 15,05,853 equity shares, at a premium to be determined through a 100% book build process.

The price band for the issue of Jagran Prakashan, JPL, has been fixed at Rs 270-324 per equity share of Rs 10 each. The issue will be closed on January 31.

JPL Chairman and Managing Director Mahendra Mohan Gupta said that the present issue is being made to further enhance its printing, publishing capabilities and infrastructure, acquire and invest in print and other media-related businesses in India, expand its outdoor advertising business, augment working capital and meet general corporate purposes.

He said JPL is also amongst the few media companies in the country, which has a strategic foreign direct investment, FDI.

On the occasion, JPL's Editor-cum-CEO Sajay Gupta said their newspaper 'Dainik Jagran' has total readership of 19.2 million readers per day, as per the Indian Readership Survey, IRS, of last year, which is the highest readership of any publication in the history of IRS, he added.


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