Just Dial's Rs 165-cr buyback to open today

The local search engine will buy back up to 10,61,499 fully paid-up shares of face value of Rs 10 each

Local search engine Just Dial will launch its Rs 165-crore share buyback programme on Thursday.

The share re-purchase programme will close on March 10, according to the latest update available with the markets regulator.

Just Dial will buy back up to 1,061,499 fully paid-up shares of face value Rs 10 each at a price of Rs 1,550 apiece for an aggregate amount of up to Rs 164.5 crore.

The buyback will be undertaken on a proportionate basis from the shareholders holding shares as on December 4 by way of tender offer via the stock exchange mechanism. "The buyback is to return surplus funds to shareholders,” the company said.

It had further said the buyback would result in improving earnings per share, mitigating the effects of short-term market volatility and enhancing shareholders' confidence among other things.

Earlier this month, Just Dial had received approval from Sebi to go ahead with the buyback plan.

Shares of Just Dial today closed at Rs 550.10 on BSE, down 0.21 per cent from the previous close.