NEW DELHI: Shares of DB Corp jumped 4 per cent in Monday's trade after the media firm's shareholders approved Rs 312.80 crore share buyback proposal."The special resolutionhas been passed with requisite majority by the members of the company," DB Corp said in a filing to BSE.
Following the announcement, the stock rose 4.15 per cent to hit a high of Rs 272 on BSE at around 9.25 am.
"This is furtherance to our letter dated June 7, 2018 informing you of dispatch of notice of postal ballot to the members of DB Corp (the Company) seeking their approval through Special Resolution for the buyback by the company of up to 92,00,00," the release said.
The company had earlier said 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.