Nucleus Software board approves Rs 72 cr buyback proposal

Nucleus Software Exports said that its board approved to buyback aggregating upto Rs 72.35 crore at Rs 1,615 per share.

The price for buyback is fixed at Rs 1,615 per share, representing a 6.22% premium to Wednesday's closing price of Rs 1,520.45 on the BSE.

The company will buyback up to 4,48,018 equity shares of face value of Rs 10 each, representing 9.90% and 9.57% of the aggregate of the total paid-up equity capital and free reserves of the company based on the audited standalone and consolidated financial statements of the company, for the financial year ended on March 31, 2024, respectively.

The companys board has fixed Tuesday, 3 September 2024 as record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the Buyback.

Nucleus Software is a software product company that provides lending and transaction banking products to the global financial services industry.

The companys consolidated net profit dropped 43.6% to Rs 30.20 crore in Q1 FY25 as compared to Rs 53.56 crore posted in Q1 FY24. Revenue from operations declined 5% year on year to Rs 195.39 crore during the quarter.

The counter declined 6.06% to Rs 1428.30 on the BSE.

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