Buyback worth Rs 220 crore approved by Just Dial
Just Dial’s shares rose over 8 per cent due to the spread of the information that the board of directors has approved a buyback of shares worth up to Rs 220 crores.
After the information was made public to the boars, the scrip traded at Rs 421 at around 12.15 pm IST, 8.06 per cent higher. Around the same time, the benchmark BSE Sensex traded at 33,787, 3.26 per cent higher.
In a regulatory filing, Just Dial said that the board of directors held a meeting today and in that meeting itself they have approved the proposal to buyback up to 31,42,857 equity shares. The maximum price each equity share would be Rs. 700 payable in cash. The aggregate maximum amount fixed is up to Rs 220 crores.
This buyback represent 4.84 per cent of the total paid up equity share capital of the company.