Nucleus Software Export share price declined over 7 percent after the company board approved a share buyback plan on August 22. This will be the third buyback for Nucleus after 2017 and 2021.
The counter hit an intraday low of Rs 1,414.45 per share on the National Stock Exchange (NSE) in Thursday's trading session, declining 7.2 percent from its previous close.
The company informed the exchanges on the buyback plan for up to Rs 72.35 crore. "The company proposes to buy-back up to 4,48,018 Equity Shares of face value of Rs 10 each, comprising of 1.67 percent of the total paid-up equity capital of the company," it said in an exchange filing.
The buyback has been fixed at a price of Rs 1,615 per equity share.
The board of directors of the company at its meeting held today also fixed Tuesday, September 3 as the record date for the purpose of determining the eligibility of shareholders to participate in the Buyback.
Prior to its board meeting, shares of the company were locked in 20 percent upper circuit at Rs 1,411 apiece on August 20 over buyback buzz. In fact, the scrip rallied 32 percent in just 2 days.
The company with a dividend yield of 0.87 percent at the current levels distributed a final dividend of Rs 12.50 per share to its shareholders, in July this year.
At 262.67 percent, the stock has shown consistent rise in the last two years on the BSE.
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