Nucleus Software gains after shareholders nod for Rs 159 crore share buyback

Nucleus Software Exports rose 1.50% to Rs 588 after the company said its shareholders approved the proposed buyback of 22,67,400 equity shares.

Nucleus Software proposed share buyback of 22,67,400 equity shares, for an aggregate amount not exceeding Rs 159 crore. The total buyback shares represents 7.81% of the total paid-up equity capital of the company. The buyback is proposed to be made at Rs 700 per share.

The company had sought shareholders approval through a postal ballot process. The results of which were announced on 16 November 2021.

Following the approval, the company has fixed 27 November 2021 as the record date for determining the names of shareholders eligible to participate in the buyback.

As on 30 September 2021, promoters held 67.59% stake in the company.

Vishnu Dusad, managing director, Nucleus Software, said: The buyback will enable us to return a part of the surplus funds to the equity shareholders broadly in proportion to their shareholding. The rapid digital transformation of BFSI institutions globally inspires our confidence in the market that is at the cusp of redefining the customer experience, speed, and 24/7 banking. The BFSI sector is leading the digital-first revolution globally. We have the pole position to bring this transformation alive with our deep expertise and robust product portfolio in the lending and transactions business.

On a consolidated basis, net profit of Nucleus Software Exports declined 70.87% to Rs 8.58 crore on 16.69% decline in net sales to Rs 114.12 crore in Q2 September 2021 over Q2 September 2020.

Nucleus Software Exports is a software product company that provides lending and transaction banking products to global financial leaders.

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