Shares of skills and talent development major NIIT Ltd rose by 3.5 per cent in intra-day trade on Monday after the company said its board has approved an up to Rs 237 crore buyback proposal at Rs 240 per equity share.
The buyback price of Rs 240 per share is at a 20 per cent premium to the closing price last week.
"The board of directors at its meeting held on December 24 has inter-alia approved a proposal for buyback of up to 9.87 million equity shares of the company for an aggregate amount not exceeding Rs 237 crore," said NIIT in regulatory filings at stock exchanges.
The buyback, which is proposed to be made under the tender offer route, is subject to shareholders' approval by passing a special resolution through postal ballot.
As of December 18, the promoters held 34.27 per cent stake in NIIT. Foreign portfolio investors had 22.16 per cent holding followed by individual shareholders (21.81 per cent), mutual funds (8.03 per cent) and corporate bodies (6.8 per cent).
At 2:30 pm on Monday, NIIT was trading 3.49 per cent higher at Rs 207.40 per unit on the BSE.
( With inputs from ANI )
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