Just Dial jumps up on buy-back

Just Dial is on a good number today, opening over Rs.90 higher at Rs.1207.70. Though it has come off this high, it remains 2.5% higher at Rs.1137. Volumes have more than doubled.

The stock is in the limelight after the board of directors approved the proposal to buyback the fully paid-up equity shares of face value of Rs 10 each of the company from the shareholders of the company on a proportionate basis through a tender offer. This buy-back shall be up to 25% of the aggregate of paid-up capital and free reserves of the company at a maximum price Rs.1550 per share.

The founders of the company collectively held 32.78% stake while foreign corporate bodies held 29.53%, FIIs held 28.85%, foreign venture investors held 4.25% and individual shareholders held 2.79%.

The company had ended Q4FY15 with a 38% (YoY) rise in net profit at Rs.47 crore on a 26% jump in income at Rs.156 crore.