NIIT share price hits new 52-week high after board approves Rs 237-crore buyback plan

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NIIT share price jumped 4 percent after the company board approved Rs 237-crore buyback plan.

The company on December 24 said its board has approved an up to Rs 237-crore buyback proposal at Rs 240 per equity share.

“...the Board of Directors of the company at its meeting held on December 24, 2020, has 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 Rs 2,370,000,000," a regulatory filing said.

The buyback, which is proposed to be made under the tender offer route, is subject to shareholders' approval by passing a special resolution through postal ballot, the filing said.

The public announcement setting out the process, timelines and other requisite details would be released in due course, it added.

The stock was trading at Rs 208.60, up Rs 8.20, or 4.09 percent at 1120 hours. It has touched a 52-week high of Rs 209.90.