Just Dial share price surges 9% on nod to buyback of shares

Just Dial share price rose over 9% in Thursday's trade after the company said that its board has approved buyback of its equity shares in the meeting held today.

Following the update, Just Dial share price opened with a gain of 5.44% and later rose 9.03% to an intraday high of Rs 425 on BSE against the last closing price of Rs 389.80 on BSE.

Just Dial stock price has gained 23.18% in the last 4 sessions of trade. The stock has risen 16.25% in one week and 44.9% in one month.

The filing said company board, at its meet on April 30, approved the buy-back of up to 31,42,857 equity shares representing 4.84% of the total paid-up equity share capital of the company, at a maximum price of Rs 700 per equity share, for an aggregate maximum amount of up to Rs 220 crore.

Earlier, the company had conducted buyback twice through the tender offer route.

Shares of Just Dial closed 4.16% or 16.20 points higher at Rs 406 on BSE.

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