NIIT Tech trades in green on buyback news

NIIT Technologies made an announcement of a Rs 337 crore share buyback offer. Reacting to the announcement, the shares of the company were trading up by nearly 2 per cent.

The proposed buyback is of up to 19,56,290 fully paid equity shares of a face value of Rs 10 each at a price of up to Rs 1,725 per share, thus, aggregating up to Rs 337.46 crore. This proposed buyback accounts towards 20.23 per cent of the paid-up equity share capital and free reserves of the company. The buyback will be made through a proportionate basis under the tender offer route subject to approval of the shareholders by means of a special resolution through postal ballot and regulatory approval as required. Timelines of the buyback offer will be announced in due course subject to receipt of requisite approvals.

NIIT Technologies Limited is a global IT solutions organization with employees serving clients across Americas, Europe, Asia, and Australia. The company focuses on key industries, such as banking and financial services, insurance, and travel, transportation, and hospitality to build a deep domain expertise. It provides leading-edge capabilities around integration, cognitive and automation, data and analytics, and cloud.

On Tuesday, the stock of the company closed at Rs 1597.7, up by 1.25 per cent or Rs 19.85 per share. The 52-week high is Rs 1,642.05 and 52-week low is Rs 1,100 on BSE.