NIIT Tech zooms up
By
Ruma Dubey
about 5 years ago
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.