Justdial which is an online portal for searching services has made an announcement to buyback its equity share from the shareholders. The company has planned to buy shares of worth ₹84 crore from the holders at a price not exceeding ₹700 per share.
Justdial has informed its Board of Directors in a regulatory filing. It said, “considered and approved the proposal to buyback of the company’s fully paid-up equity shares from its shareholders from the open market”.
According to the filing, the company will buyback shares for a total amount not exceeding ₹83.91 crore, and at a price not exceeding ₹700 per equity share.
At the maximum buyback price, the company would purchase a maximum of 11.98 lakh shares, or around 1.72% of the existing paid-up equity share capital, from the shareholders. The stock was trading 2.80% higher at ₹389.70 on the BSE.