At its board meet on Tuesday, Adani Ports & Special Economic Zone Ltd approved the proposal to buyback shares worth as much as Rs 1,960 crore.

In a stock exchange filing, the company said that it will repurchase, 3.92 crore shares (or 1.89 percent of equity) at Rs 500 apiece. The offer price is at a premium of 17.6 percent from the present market price.

It also announced a dividend of Rs 0.2 per share for the financial year 2018-19.

Shares of Adani Ports & Special Economic Zone Ltd rallied to an intra-day high of Rs 429.85 apiece on NSE, after the release.

Last week, the company reported a 38.69 percent increase on a year-on-year basis to Rs 1,285.38 crore for the January-March 2019 quarter. In the corresponding period of the previous year, it posted a profit of Rs 926.77 crore.

Along with its quarterly results, it had announced about the approval for issuance of NCDs for refinancing of existing borrowing and general corporate purpose for an amount not exceeding Rs 1,500 crore in one or more tranches on private placement basis.