May 16, 2021

NIIT Ltd Board approves Rs 237-crore buyback plan

NIIT Ltd on Thursday stated its Board has authorized an as much as Rs 237-crore buyback proposal at Rs 240 per fairness share.

“The Board of Administrators of the corporate at its assembly held on December 24, 2020, has inter-alia authorized a proposal for buyback of as much as 9,875,000 totally paid-up fairness shares of the corporate…for an combination quantity not exceeding Rs 2,370,000,000,” a regulatory submitting stated.

The buyback worth has been fastened at Rs 240 apiece, it added.

The buyback, which is proposed to be made beneath the tender supply route, is topic to shareholders’ approval by passing a particular decision via postal poll, the submitting stated.

The general public announcement setting out the method, timelines and different requisite particulars might be launched in the end in accordance with the buyback laws, it added.

Shares of the corporate closed at Rs 200.40 apiece on BSE on Thursday.

IT corporations Tata Consultancy Providers and Wipro have additionally introduced buyback presents lately. TCS’ mega Rs 16,000-crore buyback supply commenced on December 18 and is slated to shut on January 1, 2021.

Wipro’s as much as Rs 9,500-crore share buyback programme will open on December 29 and shut on January 11, 2021.