Shares of IndiaMART InterMESH Ltd, an Indian e-commerce company that provides B2B and customer-to-customer sales services via its web portal, witnessed a surge of 8.11 per cent following the approval of a buyback proposal.

The company’s board greenlit the buyback of ₹12.50 lakh fully paid-up equity shares at a price of ₹4,000 per share, amounting to ₹500 crore. The buyback will be carried out proportionately, and shareholders, including promoters and members of the promoter group, are eligible to participate.

Also read: Infosys share price dips on weak outlook

The offer size represents 2.04 per cent of the total number of equity shares, and the board also noted the promoters’ intention to participate in the buyback. The proposal is subject to shareholders’ approval via a special resolution through a postal ballot.

Shares of IndiaMART InterMESH went up by 8.27 per cent to ₹3139 at 10:32 a.m. on BSE.