NIIT Ltd on Thursday stated its Board has authorized 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 stated.
The buyback value has been fixed at Rs 240 apiece, it added.
The buyback, which is proposed to be produced below the tender provide route, is topic to shareholders’ approval by passing a specific resolution by means of postal ballot, the filing stated.
The public announcement setting out the course of action, timelines and other requisite specifics will be released in due course in accordance with the buyback regulations, it added.
Shares of the firm closed at Rs 200.40 apiece on BSE on Thursday.
IT firms Tata Consultancy Services and Wipro have also announced buyback provides not too long ago. TCS’ mega Rs 16,000-crore buyback provide 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.