NIIT Tech Rs 337-cr buyback offer to open on May 29

NIIT Technologies on Thursday said its Rs 337.4-crore buyback offer will commence from May 29.

The company, in a regulatory filing, said Sebi had provided an extension for dispatching the letter of offer within 15 days from the closure of the lockdown as mandated by the government.

"This is to now inform you that pursuant to the Sebi circular...dated May 14, 2020, where certain relaxations were granted relating to procedural matters for takeovers and buybacks, the company has completed the dispatch of the letter of offer to the eligible shareholders holding shares as on record date (March 12, 2020)," it added.

According to the update provided to the stock exchanges, the buyback offer will open on May 29 and close on June 11.

The company, in December last year, said its board has approved a proposal to buy back up to 19,56,290 fully paid-up equity shares of a face value of Rs 10 each at a price of up to Rs 1,725 per share. The buyback proposal, through the tender offer route, aggregated up to Rs 337.46 crore.

In February this year, shareholders of NIIT Technologies had approved the buyback plan by requisite majority.