Nucleus Software Exports Ltd. announced a share buyback worth Rs 72.36 crore on Thursday. The board approved buying back 4.48 lakh shares with a face value of Rs 10 each at Rs 1,615 apiece, it said in an exchange filing.
The buyback represents Nucleus Software Exports' 1.67% of fully paid-up equity capital, the exchange filing said. The record date for determining eligibility is Sept. 2. The buyback will take place through a tender offer.
The board approved Corporate Professionals Capital Pvt. as the buyback manager and Bharat Bhushan Equity Traders Ltd. as the broker, it said in the filing.
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According to BSE data, as of June 3, the company had a total outstanding of 2.68 crore shares. The promoter group holds 73.27% of the shares, while the remaining 26.73% are owned by the public.
In November 2021, the software products provider had bought back 22.67 lakh shares, or 7.81% of its shareholding, for Rs 158.71 crore.
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Shares of Nucleus Software Exports fell 6.03% to Rs 1,432.20, the lowest level since Aug. 20. It was trading 5.09% lower at Rs 1,446.45 as of 1:05 p.m., compared to 0.16% advance in the NSE Nifty 50 index.
The stock gained 40.35% in 12 months, but declined 1.29% on year to date base. Total traded volume so far in the day stood at 3.4 times its 30-day average. The relative strength index was at 57.48.
One analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.6%
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