Shares of Welspun Enterprises Ltd jumped nearly 5 percent in early trade on Wednesday after the construction company said that its board would consider a share buyback on Friday, December 30.

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In a stock exchange notification on Tuesday, Welspun Enterprises said that the board of directors at its meeting on December 30 would consider the proposals to buy back equity shares and also declare an interim dividend.

After the announcement, shares of Welspun Enterprises hit a high of Rs 169 in opening trade on Wednesday. At 9:21 am, the stock was trading at Rs 165.35, up 2.7 percent.

The stock has been rising for the past three days now, and the shares have gained almost 13 percent during this period. Over the past year, the stock has rallied a massive 76 percent compared with a 6 percent rise in the benchmark Nifty 50 index.

Last week, Welspun Enterprises said it would divest its highway projects portfolio worth nearly Rs 9,000 crore to Actis Highway Infra Ltd.

The company said it had executed definitive agreements with Actis Highway to exit from its completed highways portfolio.

The portfolio comprises five completed HAM (hybrid annuity model) assets -- Welspun Delhi Meerut Expressway Pvt. Ltd, Welspun Road Infra Pvt. Ltd, MBL (CGRG) Road Ltd, Chikhali Tarsod Highways Pvt. Ltd, MBL (GSY) Road Ltd, and one operating BOT Toll asset named Welspun Infrafacility Pvt. Ltd.

After the divestment, Welspun’s road asset portfolio would consist of two under-construction HAM road projects (Sattanathapuram - Nagapattinam Road Project and Aunta - Simaria Road Project) with a total project cost of Rs 3,900 crore.