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    NIIT Technologies announces buyback of 19.56 lakh shares at Rs 1,725 apiece

    NIIT Technologies announces buyback of 19.56 lakh shares at Rs 1,725 apiece

    NIIT Technologies announces buyback of 19.56 lakh shares at Rs 1,725 apiece
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    By Ankit Gohel   IST (Updated)

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    Mid-seized IT services firm NIIT Technologies’ board has approved a Rs 337.46 crore share buyback offer of up to 19.56 lakh shares at Rs 1,725 apiece.

    Mid-seized IT services firm NIIT Technologies’ board has approved a Rs 337.46 crore share buyback offer of up to 19.56 lakh shares at Rs 1,725 apiece.
    In a regulatory filing on Monday, the company said the proposed buyback represents 20.23 percent of the paid-up equity share capital and free reserves of the company.
    The buyback is proposed to be made through a proportionate basis under the tender offer route, it added. Hulst B.V., promoter of the company has signified its intention to participate in the buyback.
    The company will announce the timelines and other requisite details of the offer in due course subject to receipt of requisite approvals and in accordance with the buyback regulations.
    The proposed buyback price is over 9 percent higher than Monday's closing price of Rs 1,577.85 on the BSE. NIIT Technologies’ stock has outperformed the broader markets this year by increasing over 39 percent so far.
    At 12:35 pm, shares of NIIT Technologies gained 1.62 percent to Rs 1,603.45 on the BSE.
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