NIIT Technologies’ Says Shareholders Approve Rs 337.4 Crore Buyback Plan
NIIT Technologies plans to buy back 19,56,290 shares of face value Rs 10 each at a price of Rs 1,725 apiece.
Shareholders of NIIT Technologies Ltd. have approved the IT company’s Rs 337.40 crore buyback plan “by requisite majority”.
In a regulatory filing, the firm said its board at a meeting on Dec. 23, 2019, approved a proposal to buy back up to 19,56,290 fully paid equity shares of face value of Rs 10 each at a price of up to Rs 1,725 per share. The buyback proposal, through the tender offer route, aggregated up to Rs 337.46 crore.
"We wish to inform you that the shareholders of the company have approved the special resolution for the...matter by requisite majority on Feb 13, 2020, through e-voting and postal ballots process...," the filing stated.
On Friday, NIIT Technologies’ shares rose 0.65 percent to Rs 1,831.95 apiece on the NSE while the benchmark Nifty 50 fell 0.50 percent to end the day at 12,113.45 points.
