On December 23 last year, the board of NIIT has received buyback issue and the same received approval from the company's shareholders in February. The record date for determining the eligibility for the buyback was March 12.
Here are the details:
1. On a proportionate basis, the company will buyback fully paid 19,56,290 equity shares of Rs. 10 face value from the eligible shareholders.
2. The company will buyback share via a tender offer route at a price of Rs. 1725 per share, which is a 17% premium to the December 16 closing price.
3. The company proposed to buyback shares worth Rs. 337.46 crore via the buyback offer.
4. The buyback offer opens today i.e. May 29 and will close on June 11.
5. The last date for receiving completed tender forms together with other specified documents that includes physical share certificate by the registrar by June 13 and the last date for settlement of bids will be June 22.
6. Also, the company has sent letter of offer through digital route to all its eligible shareholders by May 21.