The buy back of equity shares of Rs 2 each has been approved by the Deccan Chronicle Holdings Ltd at a price not exceeding Rs 100 per share, aggregating to Rs 180 crores.

The maximum number of shares to be bought back, which represents 14.29 per cent of the paid up capital, should not exceed 3,50,00,000. Furthermore, the promoter holding shall not exceed 75 per cent of the paid up capital post buy back. 1,00,00,000 is the minimum number of shares to be bought back.

An interim dividend of 100 per cent for the financial year 2008-2009 has also been declared by the company.

After the share buyback announcement, the newspaper company's shares rose up nearly 10 per cent to Rs 56.60 on the BSE. On 27th October, the 52-week low for the stock was Rs 37.50 and high was Rs 270.10 on 4th January.