1 min read.Updated: 24 Sep 2021, 07:37 PM IST Edited By Vivek Punj
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
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Nucleus Software Exports has announced a buyback offer up to ₹158.7 crore on Friday. The Board of Directors on September 24 approved the proposal for buyback of its shares from the equity shareholders on a proportionate basis through the tender offer route, a regulatory filing said.
Under this offer, the company will buy 22.6 lakh equity shares at ₹700 apiece. This comprises 7.81 per cent 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 ₹700 per equity share for an aggregate amount not exceeding ₹158,71,80,000 [ ₹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.
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, the filing added. 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.
The Nucleus Software Exports share ended at ₹609 at the close of trade on Friday, up 16.60 points or 2.80 per cent.