Jagran Prakashan announced that the board of directors of the company at its meeting held on December 16, 2014, approved the entry of the company into the radio industry via acquisition of Music Broadcast Private (MBPL).

The acquisition is subject to regulatory approvals, including from ministry of information and broadcasting, and execution of binding agreements. As part of the acquisition, the company is acquiring MBPL's holding company and fellow subsidiary that provides activations.

Shares of the company declined Rs 3.55, or 2.51%, to trade at Rs 138.15. The total volume of shares traded was 134,320 at the BSE (12.39 p.m., Wednesday).