Nucleus Software Announces Rs. 159 Crore Buyback At A 15% Premium

Nucleus Software Exports in an exchange filing on Friday informed that the Board of Directors of the Company at its meeting held today i.e., September 24, 2021 has approved the buyback of its own fully paid equity shares of Rs. 10/- each from the equity shareholders of the Company as on the record date, to be announced later ("Record Date"), on a proportionate basis through the Tender Offer route.

As per the terms of the buyback amounting to Rs. 158.7 crore, the company would be buying 22.6 lakh shares at a price of Rs. 700 per share, a 15 percent premium in comparison to the stock's last closing price of Rs. 608.75 apiece. The buyback size constitutes 7.81 percent of the total paid-up equity capital of the company.
"The company proposes to buy back up to 22,67,400 equity shares...at a price of Rs. 700 per equity share for an aggregate amount not exceeding Rs. 158,71,80,000 or Rs. 158.72 crore, the filing said.

The maximum buyback size represents 24.90 per cent and 24.01 per cent of the aggregate of the total paid up equity capital and free reserves of the Company based on the audited standalone and consolidated financial statements of the company, respectively, for last financial year ended March 31, 2021, added the filing.

The public announcement for the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations, the company said. The dates of the buyback offer will be mentioned in the public announcement, added the filing. The Board has approved the appointment of Corporate Professionals Capital Private Limited, a Sebi registered Category I Merchant Banker, as the manager to the buyback offer.

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