Just Dial surges 4% on share buyback plan

Shares of Just Dial have surged over 4% to Rs 1,155 on the Bombay Stock Exchange (BSE) after the board of directors has approved the proposal to buyback the fully paid-up equity shares of face value of Rs 10 each of the company from the shareholders of the company on a proportionate basis through a tender offer (Buy-back).

The Buy-back shall be up to 25% of the aggregate of paid-up capital and free reserves of the company at a maximum price Rs 1550 per share.

The stock opened at Rs 1,200 on the BSE and touched a high of Rs 1,207. At 9:35, a combined total of nearly 5.5 million shares changed hands on the counter on the NSE and BSE.