Local search engine Justdial today said it will buyback equity shares for up to Rs 84 crore from its shareholders at a price not exceeding Rs 700 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 Rs 83.91 crore, and at a price not exceeding Rs 700 per equity share”, according to the filing.
At the maximum buy back price, the company would purchase a maximum of 11.98 lakh shares, or around 1.72 per cent 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 per cent higher at Rs 389.70 on the BSE.