NIIT share buyback price fixed at Rs 240
NIIT buyback price, NIIT buyback date: NIIT Shares of NIIT Ltd rallied 19.98 per cent or Rs 27.55 to end at Rs 165.45 on Thursday on account of buyback news. NIIT is one of India's top skills and talent development firms. NIIT said that the buyback price has been fixed at Rs 240 apiece.
NIIT buyback offer will open on April 12. The closing date has been set for April 28.
NIIT in a regulatory filing said that it has received final observations from the Securities and Exchange Board of India (SEBI) on the draft letter for the buyback offer. The company will dispatch the letter of offer for the buyback to eligible shareholders, appearing on the record date of February 24, 2021, on or before April 5, 2021.
NIIT's Board of Directors had in December last year approved a proposal for buyback of up to 9,875,000 equity shares for an aggregate amount not exceeding Rs 237 crore.
NIIT Ltd is a small cap company with a market capitalization of Rs 1962.94 crore.
In the third quarter (ending December 2020), the company's consolidated net profit grew 53 per cent to Rs 41.5 crore. It posted a net profit of Rs 27.1 crore in the year-ago period.
