Just Dial approves buyback worth up to Rs 220 crore

Published On: Thursday, April 30, 2020 | By: Team KnowMyStock

Shares of Just Dial gained 9 per cent higher in the intra-day trade to Rs 425, on the BSE on Thursday after the board of directors of the company, at its meeting has approved the proposal for buyback of up to 31,42,857 equity shares, at a maximum price of Rs. 700 per equity share payable in cash, for an aggregate maximum amount of up to Rs 220 crore. The buyback represents 4.84 per cent of the total paid-up equity share capital of the company. Since Monday, April 24, the stock has rallied 29 per cent at the bourses, after the company informed the exchanges that board will meet on Thursday, April 30, 2020, to consider and approve the proposal for buyback of fully paid-up equity shares of the Company. A combined around 5.2 million shares have changed hands on the counter on the NSE and BSE till the time of writing of this report.

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