NIIT Tech Rs 337 crore buyback provide to open on Might 29

New Delhi: NIIT Applied sciences on Thursday stated its Rs 337.four crore buyback provide will begin from Might 29.

The corporate, in a regulatory submitting, stated Sebi had offered an extension for dispatching the letter of provide inside 15 days from the closure of the lockdown as mandated by the federal government.

“That is to now inform you that pursuant to the Sebi round…dated Might 14, 2020, the place sure relaxations have been granted referring to procedural issues for takeovers and buybacks, the corporate has accomplished the dispatch of the letter of provide to the eligible shareholders holding shares as on report date (March 12, 2020),” it added.

In response to the replace offered to the inventory exchanges, the buyback provide will open on Might 29 and shut on June 11.

The corporate, in December final 12 months, stated its board has accredited a proposal to purchase again as much as 19,56,290 totally paid-up fairness shares of a face worth of Rs 10 every at a worth of as much as Rs 1,725 per share. The buyback proposal, via the tender provide route, aggregated as much as Rs 337.46 crore.

In February this 12 months, shareholders of NIIT Applied sciences had accredited the buyback plan by requisite majority.



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