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NIIT's up to Rs 237-crore buyback plan gets shareholder approval

The firm on Friday said its up to Rs 237 crore buyback plan has received approval from shareholders

NIIT | Share buybacks | education

Press Trust of India  |  New Delhi 

NIIT hired Bhartendra Gupta from Microsoft and Anthony Shepard from IBM to drive its cloud services business as part of the restructuring process.

Skills and talent development firm Ltd on Friday said its up to Rs 237 crore buyback plan has received approval from shareholders.

The company also announced that February 24 has been set as the record date for the buyback scheme.

"The shareholders of the company have approved the said buyback on February 10, 2021 through postal ballot by way of remote e-voting...the company has fixed Wednesday, February 24, 2021, as the record date for the purpose of determining the entitlement and the name of the equity shareholders who shall be eligible to participate in the said Buyback," a regulatory filing said.

On December 24, 2020, Ltd's Board of Directors had approved a proposal for buyback of up to 9,875,000 equity shares for an aggregate amount not exceeding Rs 237 crore. The buyback price has been fixed at Rs 240 apiece.

The postal ballot saw 100 per cent votes proposal by promoters and public institutions, and 99.95 per cent votes by public non-institution being cast in favour of the proposal, the filing said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, February 12 2021. 20:33 IST