Just Dial’s Board today approved a share buyback program. It will buyback over 31 lakh equity shares, which is 4.84% of the total paid-up equity at a price of Rs.700/share.
Currently, this buyback is at a premium of almost 70% to its trading price as of now at Rs.417.
Promoters presently hold 33.44% stake.
The company said it will provide relevant updates in relation to the buyback as per applicable law in due course.
The stock, since its fall to new low of Rs.250.55 in March, has gone up over 60% so far. The stock rose over 9% to an intraday high at Rs.425. Its 10% UC for today is at Rs.428.75.