Just Dial soars 9% as board approves buyback at Rs 700/ sh via tender offer

Shares of Just Dial moved 9 per cent higher in the intra-day trade to Rs 425, on the BSE on Thursday after its board approved buyback of shares at Rs 700 per share via tender offer.

“The board today approved the proposal for buyback of up to 3.14 million equity shares, representing 4.84 per cent of the total paid-up equity share capital of the company, at a maximum price of Rs 700 per share, for an aggregate maximum amount of up to Rs 220 crore through the tender offer route,” Just Dial said in an exchange filing.

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,