NIIT's Rs 335 crore buyback offer to begin Nov 25, to close on Dec 6

Skills and talent development company NIIT Ltd on Monday said its Rs 335-crore buyback offer will commence from November 25, 2019.

"...the company has received final observations from the Securities and Exchange Board of India on the Draft Letter of Offer," NIIT Ltd said in a regulatory filing.

It added that the buyback opening date has been fixed for November 25, and the offer will close on December 6.

Previously, the company had fixed October 18 as the record date for its up to Rs 335-crore buyback offer.

In April this year, funds affiliated with Baring Private Equity Asia (BPEA) bought about 30 per cent stake in NIIT Technologies from NIIT Ltd.

The transaction, which closed in May, saw NIIT Ltd receiving gross proceeds of Rs 2,020.4 crore in cash.

NIIT Ltd had then constituted a committee to make recommendations for utilisation of proceeds for rewarding shareholders and following that the board had approved the buyback proposal in August this year.

The board had approved a proposal to buy back up to 2.68 crore equity shares from shareholders at Rs 125 per share, representing about 16 per cent of the total paid-up equity share capital, for an aggregate amount not exceeding Rs 335 crore.