HDFC Mutual Fund reduced its shareholding in Jagran Prakashan Limited by 2.42% through open market sales on May 29, 2026, bringing its total stake down to 4.71% of the paid-up equity share capital. The transaction was disclosed under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Prior to the disposal, the aggregate holding of the schemes of HDFC Mutual Fund stood at 7.13%, representing 1,55,27,121 equity shares. Following the sale of 52,74,246 shares, the holding has adjusted to 1,02,52,875 equity shares. The paid-up equity share capital of Jagran Prakashan Limited remains Rs. 43,53,08,544, comprising 21,76,54,272 equity shares of Rs. 2 each.

The acquirer, identified as HDFC Mutual Fund acting through schemes such as HDFC Multi Cap Fund, HDFC Hybrid Equity Fund, and HDFC Mid Cap Fund, confirmed that it does not belong to the promoter or promoter group of the target company. The shares of Jagran Prakashan Limited are listed on BSE Limited and National Stock Exchange of India Limited.

Shareholding Details

The following table outlines the changes in the shareholding pattern:

The disclosure was submitted by Dinesh Bhakade, Lead – Compliance Governance at HDFC Asset Management Company Limited, the investment manager for the schemes of HDFC Mutual Fund.

Jagran Prakashan Limited held its Extra-Ordinary General Meeting (EOGM) on May 29, 2026, to vote on the removal of seven independent directors and one whole-time director. While the meeting proceeded as scheduled and the resolutions passed with a requisite majority, the implementation of the outcomes has been kept in abeyance pending the disposal of Company Petition No. 64 of 2023 before the National Company Law Tribunal (NCLT), Allahabad. This directive follows an order dated May 26, 2026, from the National Company Law Appellate Tribunal (NCLAT).

The EOGM, conducted via video conferencing, commenced at 12:30 P.M. and concluded at 01:38 P.M. at the company's registered office in Kanpur. A total of 42 members or authorized representatives and 167 members who voted through remote e-voting participated in the proceedings. The meeting was requisitioned to consider the removal of specific directors, including Ms. Divya Karani and Mr. Satish Chandra Mishra, based on a notice dated May 2, 2026.

The NCLAT permitted the holding of the meeting but explicitly stayed the execution of its resolutions. The legal dispute centers on internal conflicts within the promoter group regarding voting rights, specifically concerning the authority to vote on behalf of Jagran Media Network Investment Private Limited, which holds 67.97% of the paid-up equity share capital. The tribunal's order references the need to decide the effect of Article 4.1 of the Articles of Association of Jagran Media Network Investment Private Limited and Article 2.3 of the Articles of Association of Jagran Prakashan Limited.

The resolutions put to vote included the removal of Ms. Divya Karani, Mr. Shailendra Swarup, Ms. Anita Nayyar, Ms. Kemisha Soni, Mr. Pramod Agarwal, Mr. Shaalin Tandon, and Mr. Arun Anant as independent directors, and Mr. Satish Chandra Mishra as whole-time director. The company appointed KFin Technologies Limited as the Registrar and Share Transfer Agent to facilitate the e-voting process. Mr. Adesh Tandon of Adesh Tandon and Associates served as the scrutinizer for the meeting.