Jagran Prakashan has zoomed 7% to Rs 123 after the company bought the print business of Mid-Day Multimedia (MML). In a share swap deal, shareholders of Mid-Day Multimedia would get two shares of Jagran for every seven shares held in the company.
Jagran Prakashan had opened at Rs 120 on the BSE and has touched a high of Rs 126 thus far, with around 42,000 equity shares changing hands. And the shares of MML are trading up 4% at Rs 35, accompanied by huge volumes of 1.34 million equity shares as against an average 633,000 shares in the past two weeks.
Jagran Prakashan is the publisher of the country’s most read newspaper, Dainik Jagran. MML was running its print business through its wholly-owned subsidiary, Mid-Day Infomedia Ltd, which publishes newspapers such as Mid-Day, Sunday Mid-Day, Gujarati Mid-Day and Inquilab.