NIIT announces Rs 337 crores buyback share plan

India’s leading IT institute, the National Institute of Information Technology (NIIT) on Saturday announced its Rs 337.4 crore buyback plan.

In a filing with the Stock Exchange, the company said, “In a meeting held on 23 December 2019, the company’s board of directors has inter-alia approved the proposal of buyback of up to 19,56,290 fully paid equity shares at face value of Rs 10/- each at the price of up to Rs 1,725 per share aggregating up to Rs 337 crores.”

“The intimation of the postal ballot notice seeking approval of the shareholders is the same,” the filing added.

“We also wish to inform you that it has approved the Special Resolution for the aforesaid matter by the requisite majority on February 13, 2020, through e-voting and postal ballot process,” the company in its filing added.