NIIT rallies after co says share buyback to begin on April 12

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NIIT rallies after co says share buyback to begin on April 12


NEW DELHI: NIIT shares rallied 14 per cent on Thursday after the skills and talent development firm said its up to Rs 237 crore buyback offer will open on April 12.

In a filing to BSE, the company said it has received final observations from Sebi on the draft letter of offer.

In accordance with the SEBI (Buy-Back of Securities) Regulations, 2018, the company will dispatch the letter of offer for the buyback to eligible shareholders, appearing on the record date of February 24, 2021, on or before April 5, 2021.

Following the development, the stock rose 14.36 per cent to hit a high of Rs 157.60 on BSE.

It added that the buyback opening date is April 12, 2021, and the closing date April 28, 2021.

On December 24, 2020, NIIT’s board of directors had approved a proposal for buyback of up to 9,875,000 equity shares for an aggregate amount not exceeding Rs 237 crore.

The buyback price has been fixed at Rs 240 apiece, still 52 per cent higher than the prevailing price.



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