Just Dial on Thursday said its board has approved a proposal to buy back shares worth up to Rs 220 crore.
In a regulatory filing, the company said the Board has cleared a proposal to buy back up to 31,42,857 equity shares at a maximum price of Rs 700 per share for an aggregate maximum amount of Rs 220 crore.
It added that the maximum number of shares proposed to be bought back may increase in case the actual price of the offer is less than the maximum price of the buyback.
"...however in any case, it will not be more than 25 per cent of paid up equity share capital and free reserves of the company in terms of the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018," it said.
As on April 24, 2020, promoters held 33.44 per cent stake in Just Dial, while the rest was the public shareholding.