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NIIT Ltd on Thursday said its board has approved an up to ₹237-crore buyback proposal at ₹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 ₹2,370,000,000," a regulatory filing said.
The buyback price has been fixed at ₹240 apiece, it added.
Also read: How dividend and buyback are taxed
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 ₹200.40 apiece on the BSE on Thursday.
Also read: How PSU share buybacks have filled government coffers in the recent past
IT firms Tata Consultancy Services and Wipro have also announced buyback offers recently. TCS' mega ₹16,000-crore buyback offer commenced on December 18 and is slated to close on January 1, 2021.
Wipro's up to ₹9,500-crore share buyback programme will open on December 29 and close on January 11, 2021.
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