NIIT spurts after board approves Rs 237 cr buyback

NIIT rose 4.02% to Rs 208.45 after the company said its board approved a proposal to buyback upto 98.75 lakh equity shares at Rs 240 each for an aggregate amount not exceeding Rs 237 crore.

The buyback amounts to approximately 6.978% of the total issued and paid up equity share capital of the company. The buyback is subject to the approval of the shareholders by passing a special resolution through postal ballot. The announcement was made after market hours on Thursday, 24 December 2020.

NIIT is a skills and talent development corporation that is building a manpower pool for global industry requirements. As on 18 December 2020, promoters held 34.27% stake in NIIT.

 

On a consolidated basis, NIIT's net profit dropped 87.6% to Rs 26.04 crore on a 5.8% decline in net sales to Rs 218.87 crore in Q2 September 2020 over Q2 September 2019.

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