The board of internet company Just Dial today approved a share buyback proposal of up to 31,42,857 equity shares at a maximum price of ₹700 per equity share. This represents 4.84% of the total paid-up equity share capital of the company in a buyback offer amounting up to ₹700 crore.
Just Dial said it will provide relevant updates in relation to the buyback as per applicable law in due course.
Just Dial shares were trading 7% higher at ₹418 in noon trade. The company’s promoters held 33.44% stake in the company as of 24th April.
The buyback offer price of ₹700 is about 80% higher than yesterday’s closing price of ₹390 per share.
Just Dial shares had hit a 52-week high of ₹824 in July while 52-week low of ₹250.55 in March this year. Since their March lows, Just Dial shares are up about 60% so far, as compared to about 30% gain in broader markets.
Just Dial had posted a profit at ₹60.68 crore for the third quarter ended December 2019. The company had posted a profit of ₹57.31 crore in the same period a year ago.
Revenue from operations increased to ₹235.42 crore during the reported quarter from ₹226.78 crore in the corresponding period of 2018-19.