NIIT Technologies is doing pretty well today morning. From yesterday’s close of Rs.1577.85, it first opened lower at Rs.1573 and even went down to the intraday low at Rs.1599; from there it zoomed up to Rs.1626, going so close to its 52-week high of Rs.1642.05.
The stock price reacted to te buyback plan of the company announced yesterday.
NIIT Tech plans to buyback Rs.337 crore worth of its shares – 19,56,290 shares of FV of Rs.10 at a price of Rs.1725/share.
This buyback is to the tune of 20.23% of the paid-up equity capital and will be made through a proportionate basis under the tender offer route.
As at 20th Dec’19, promoters held 70.12% stake.
Promoters will also be participating in the buyback.