The board of the Jagran Prakashan, a leading Indian publishing house, has approved to buy back shares worth up to Rs 1,180 million.

The board of directors of the company on Tuesday approved the buyback of the company's fully paid-up equity shares of face value of Rs 2 each, for an aggregate amount not exceeding Rs 1,180 million excluding brokerage, costs, fees, turnover charges, taxes such as buyback tax, securities transaction tax, goods and service tax (if any) and income tax, stamp duty, printing expenses, filing fees, advisors fees and other incidental and related expenses and charges and at a price not exceeding Rs 60 payable in cash, from its shareholders/ beneficial owners, from the open market through stock exchange mechanism.

As per the company, the indicative number of shares proposed to be bought back would be 1,96,66,666, representing 6.99% stake.

Shares of the company gained Rs 0.55, or 0.97%, to settle at  Rs 57.20.  The total volume of shares traded  was 66,580 at the BSE (Friday).