NIIT Ltd Board approves Rs 237-crore buyback plan

NIIT Ltd Board approves Rs 237-crore buyback plan

NIIT Ltd on Thursday said its Board has approved an up to Rs 237-crore buyback proposal at Rs 240 per equity share.

“The Board of Directors of the company at its meeting held on December 24, 2020, has inter-alia approved a proposal for buyback of up to 9,875,000 fully paid-up equity shares of the company…for an aggregate amount not exceeding Rs 2,370,000,000,” a regulatory filing said.

The buyback price has been fixed at Rs 240 apiece, it added.

The buyback, which is proposed to be made under the tender offer route, is subject to shareholders’ approval by passing a special resolution through postal ballot, the filing said.

The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations, it added.

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

IT firms Tata Consultancy Services and Wipro have also announced buyback offers recently. TCS’ mega Rs 16,000-crore buyback offer commenced on December 18 and is slated to close on January 1, 2021.

Wipro’s up to Rs 9,500-crore share buyback programme will open on December 29 and close on January 11, 2021.

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