Indian online local search engine JustDial has approved a buyback proposal of up to 31,42,857 shares at a maximum price of Rs 700 per equity share.
In its filing with the Bombay Stock Exchange (BSE), the company said that the board of directors of JustDial has given its nod to a buyback proposal worth maximum Rs 220 crore.
The entire buyback proposal would be carried out in cash mode, the statement read. It added that operation would be carried through the tender offer route on a proportionate basis as per rules prescribed under the Securities and Exchange Board of India Regulations, 2018, and the Companies Act, 2013.
“We wish to inform you that the Board of Directors of the Company, at its meeting held today i.e. April 30, 2020, has inter alia approved the proposal for Buy-back of up to 31,42,857 (Thirty One Lakhs Forty Two Thousand Eight Hundred and Fifty Seven) Equity Shares (representing 4.84% of the total paid-up equity share capital of the Company), at a maximum price of Rs. 700/- (Rupees Seven Hundred Only) per Equity Share ("Maximum Buy-back Price") payable in cash, for an aggregate maximum amount of up to Rs. 220,00,00,000,” read the filing.
The company said that the board has also given their nod to the draft postal ballot notice requiring shareholders’ consent to the buyback plan. Any updates about the buyback proposal will be intimidated, further, read the statement.
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