NIIT Technologies share price gained over 2 percent intraday on December 24 after the company board approved buyback of its equity shares.
The company board in its meeting held on December 23 approved buyback 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 aggregating up to Rs 337,46,00,250 which represents 20.23 percent of the paid up equity share capital and free reserves of the company.
The buyback is proposed to be made from the shareholders of the company as on the record date on a proportionate basis under the tender offer route through stock exchange mechanism.
The public announcement setting out the process, timelines and other requisite details will be provided in due course subject to receipt of requisite approvals and in accordance with the buyback regulations, company said in release.
At 09:31 hrs NIIT Technologies was quoting at Rs 1,603.80, up Rs 25.95, or 1.64 percent on the BSE.
News Source:- MoneyControl