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JustDial to consider buyback of shares; Q4 revenues up 33.85% to Rs 183.51 Cr

The board of directors of directory services company JustDial is considering a proposal to buy back shares and will meet on June 4 to consider the same, the company said in a notification on the Bombay Stock Exchange. The company added that the trading window will be open for 48 hours following the outcome of the meeting. It is interesting to note that its investor Tiger Global has offloaded its stake in the company thrice this year. Earlier last week, Tiger Global sold 5.37% stake in  JustDial for Rs 408 crore (about $64 million) through open market transactions. Earlier this month, it had sold 2.1% stake in the company for Rs 162 crore, and had shed 3.4% stake for Rs 300 crore in March this year. Tiger Global is also believed to have sold a partial stake during JustDial’s 2013 IPO. Tiger Global had invested about Rs 77 crore in JustDial in 2007 and a further Rs 30 crore in 2009. It's also worth remembering that JustDial  in October 2014 had said that it is looking at raising $165 million and the share buy back may be aimed at that. Just Dial’s founders, including chief executive V.S.S. Mani and chief operating officer V. Krishnan, collectively hold 32.78% stake in the company as on March 31. Foreign corporate bodies held 29.53% stake, followed by foreign institutional investors (28.85%), foreign venture capital investors (4.25%) and individual shareholders (2.79%). Paid campaigns JustDial conducted 3,31,200 paid campaigns for advertisers for the quarter ending March 31 (Q4-FY15), registering a 26% increase in the…

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