Just Dial (JDL), a provider of online local search engine services, said Friday the board of directors on Jun. 4, 2015 has approved the proposal to buyback the fully paid-up equity shares of face value of Rs. 10 each from the shareholders of the company on a proportionate basis through a tender offer.

The company said the 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. 1,550 a share, subject to the approval of the shareholders of the company and approvals of statutory, regulatory or governmental authorities as may be required under applicable law.

Shares of the company gained Rs 23.05, or 2.08%, to trade at Rs 1,132.75. The total volume of shares traded was 200,090 at the BSE (12.12 p.m., Friday).