Jagran Prakashan Ltd, the publisher of the Hindi daily Dainik Jagran, on Friday announced that it will buy back 4.60 crore paid-up equity shares of the company aggregating Rs 345 crore.

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The board of the company, in its meeting held on Friday, approved the proposal of a buyback price of Rs 75 per share for the shares having a face value of Rs 2, Jagran Prakashan Ltd (JPL) informed the exchanges.

The total "number of securities proposed for buyback 4.60 crores" and the amount would be "payable in cash, for an aggregate amount not exceeding Rs 345 crore", it added.

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The number of securities proposed for the buyback as a percentage of existing paid-up capital is 17.45 percent.

The buyback offer size "represents 23.67 percent and 16.89 percent of the aggregate of the company’s fully paid-up equity capital and free reserves".

Moreover, the buyback offer is subject to the approval of the shareholders through a special resolution, which would be obtained through a postal ballot, JPL added.

JPL on Friday reported a decline of 16.88 percent in its consolidated net profit of Rs 50.61 crore for the second quarter that ended September. However, its revenue from operations was up 12.82 percent at Rs 454.16 crore during the quarter under review. In the year-ago period, the same was Rs 402.52 crore.

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JPL chairman and managing director Mahendra Mohan Gupta said, "The Board has recommended buyback of equity shares aggregating Rs 345 crores for shareholders' approval, in line with our policy of rewarding shareholders".