NIIT shares rise 19% as company's buyback offer starts later this month | Mint
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Business News/ Markets / Stock Markets/  NIIT shares rise 19% as company's buyback offer starts later this month
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NIIT shares rise 19% as company's buyback offer starts later this month

The buyback offer opens on April 12, 2021 and the closing date has been set for April 28, 2021.

Overnight, MSCI’s broadest index of Asia-Pacific shares outside Japan recovered from early losses and advanced 1.3%. Photo: iStockPremium
Overnight, MSCI’s broadest index of Asia-Pacific shares outside Japan recovered from early losses and advanced 1.3%. Photo: iStock

Shares of NIIT rallied as much as 19% in Thursday's session after the skill and training corporation announced that its buyback offer worth 237 crore will commence on April 12, 2021 and the buyback closing date has been set on April 28, 2021.

In accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, the company will dispatch the Letter of Offer for the Buyback to eligible shareholders, appearing on the record date of February 24, 2021, on or before April 5, 2021, the company said in an exchange filing.

NIIT Limited's board of directors on December 24, 2020 approved a proposal for buyback of up to 9,875,000 fully paid-up equity shares of the company for an aggregate amount not exceeding 237 crore with the buyback price fixed at 240 per share.

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ABOUT THE AUTHOR
Saloni Kothari
Covers markets, personal finance and economy for Livemint and currently hosts the 'Millionaire On A Budget' podcast
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Published: 01 Apr 2021, 10:32 AM IST
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