Shares of IIFL Finance jumped over 12 percent on Wednesday after the Non-Banking Financial Company (NBFC) said that the board will consider a proposal to buy back shares in the next meet.

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The meeting of the board of directors of the company will be held on November 20, 2020, to consider the proposal for buyback of fully paid-up equity shares of the company and any other item, it said in a press filing.

The stock rose as much as 12.5 percent to its intra-day high of Rs 127.25 per share on BSE. The stock also surged nearly 23 percent in the previous session. Just in 2 days, it has rallied 39 percent.

The trading window of equity shares of the company shall remain closed with immediate effect for all directors, designated persons and insiders and shall reopen after the expiry of 48 hours after the conclusion of the aforesaid board meeting, it added.

The firm, in the previous session, announced that it has raised Rs 100 crore through the issuance of non-convertible debentures on a private placement basis. It added that the debentures will be listed on the Wholesale Debt Market segment of NSE.

"Finance committee of the board of directors of the company.... approved allotment of 1,000 non-convertible debentures.....of the face value of Rs 10 lakh each, for cash at par, aggregating to Rs 100 crore, on private placement basis," IIFL Finance informed in a filing.

(Edited by : Abhishek Jha)