DB Corp ascends post share buyback approval

Shares of Media firm DB Corp gained over 7 per cent on Monday after the company’s shareholders approved Rs. 312 .8 crore share buyback proposal.

The company will buyback up to 92 lakh fully paid-up equity shares of face value Rs. 10 each at a price of Rs. 340 per equity share.

Last month, the company had said that the buyback would be subject to approval of the shareholders by way of a special resolution through postal ballot and all other applicable statutory approvals. The company in a BSE filing on Saturday said that the special resolution was passed with requisite majority.

D.B. Corp is a print media company engaged in the sale of newspapers and magazines. It also has presence in radio and digital sectors.

At 11:43 hours on Monday, DB corp was trading at Rs. 277.25 per share, up Rs. 16.10 or 6.17 per cent on BSE. The scrip opened at Rs. 270 and touched an intraday high of Rs. 280.5 per share on BSE. The stock attracted traded volume of 35,756 shares on BSE.