NIIT Tech’s Rs 337-cr buyback offer to open on May 29; stock surges 9%

Shares of NIIT Technologies surged 9 per cent to Rs 1,573 on the BSE on Friday after the company announced that its Rs 337.4-crore buyback offer will commence from May 29.
The IT consulting & software company’s stock was trading higher for the fourth straight day. It has rallied 17 per cent during this period. The stock turned ex-date for share buyback on March 11, 2020.

According to the update provided to the stock exchanges, NIIT Technologies said the buyback offer will open on May 29 and close on June 11.

The company, in December last year, said its board has approved a proposal to buy back up to 1.95 million fully paid-up equity shares of a face value of Rs 10 each at a price of up to Rs 1,725. The buyback proposal, through the tender offer route, aggregated up to Rs 337.46 crore.