Shares of realty major DLF were rebounded by 15.08% on Wednesday. This happened after company’s announcement of buyback some of its shares to protect interests of its stakeholders. DLF is considering buyback of shares after July 10. Its board will meet on same day and approve buyback of equity shares of the company. DLF will spend Rs 500 crore on its buyback program.

A DLF spokesperson said, “We are generating lot of cash. Our land bank is fully paid. Through buy-back of equity shares, we want to protect the investors’ interest.”

The stocks of realty major jumped and closed at Rs 423.95 on Wednesday following the buyback announcement. The stock hit an intraday high of Rs 439.90 and a low of Rs 350.30.

A total of 3592,953 shares were traded on the counter for whole day. DLF stock fell 71% over the past six months but after buyback announcement the scenario was changed with sale of 1 cror shares.

The scrip also fallen to its all-time low at Rs350.30 in the morning trade today. It had dropped 7 per cent on Tuesday and close at Rs 368.40 on the BSE. The promoters held 88.16 per cent stake in Delhi based realty major on March 2008.