Just Dial's Rs 165-cr buyback offer to open Feb 25

New Delhi, Feb 24: Local search engine Just Dial will launch its Rs 165-crore share buyback programme Feb 25.

The share repurchase programme will close on March 10 as per the latest update available with the markets regulator Sebi.

Just Dial will buy back up to 10,61,499 fully paid-up shares of face value of Rs 10 each at a price of Rs 1,550 a piece for an aggregate amount of up to Rs 164.53 crore.

The buyback will be undertaken on a proportionate basis from the shareholders holding equity shares as on December 4 by way of tender offer through the stock exchange mechanism. "The buyback is being undertaken by the company to return surplus funds to its shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans", the company had said.

It had further said the buyback would result in improving earnings per share, mitigating the effects of short-term market volatility and enhancing shareholders' confidence among other things.

Earlier this month, Just Dial had received approval from Sebi to go ahead with the buyback plan. Shares of Just Dial today closed at Rs 550.10 on BSE, down 0.21 per cent from the previous close.

PTI