Justdial announces Rs84 crore share buyback offer1 min read . Updated: 25 Jul 2017, 12:59 PM IST
Justdial will buy back equity shares for up to Rs84 crore from its shareholders at a price not exceeding Rs700 per share
New Delhi: Local search engine Justdial on Tuesday said it will buy back equity shares for up to Rs84 crore from its shareholders at a price not exceeding Rs700 per share.
In a regulatory filing, Justdial said its board of directors “considered and approved the proposal to buyback of the company’s fully paid-up equity shares" from its shareholders from the open market.
The company will buy back shares for a “total amount not exceeding Rs83.91 crore, and at a price not exceeding Rs700 per equity share", according to the filing. 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 filing said.
Justdial’s board also appointed Abhishek Bansal as chief financial officer of the company. The stock was trading 2.80% higher at Rs389.70 on the BSE.