Jagran Prakashan Limited shares are up sharply this morning following an announcement from the company that its subsidiary Music Broadcast is planning an initial public offer.
The board of directors of Music Broadcast Limited has approved the proposal to go public, Jagran Prakashan said. The IPO will comprise of a fresh issue of upto Rs 400 crore and an offer for sale by existing shareholders.
Music Broadcast has already sent a letter of transmittal to its shareholders, seeking their participation in the offer for sale portion.
Jagran Prakashan shares rose to Rs 180 in early trades this morning, gaining about 6%, and is currently trading at Rs 174, up 2.6% over Thursday's closing price.