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NIIT sets Oct 18 as record date for Rs 335 crore buyback offer

NIIT's board in August approved a proposal to buy back up to 2.68 crore shares from shareholders at Rs 125.

Oct 04, 2019, 08.21 PM IST
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New Delhi: Skills and talent development company NIIT Ltd on Friday said it has fixed October 18 as the record date for its up to Rs 335-crore buyback offer.

NIIT's board had in August approved a proposal to buy back up to 2.68 crore equity shares from shareholders at Rs 125 per share, representing about 16 per cent of the total paid-up equity share capital, for an aggregate amount not exceeding Rs 335 crore.

"The company has fixed Friday, October 18, 2019, 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 buyback," NIIT Ltd said in a regulatory filing.

In April this year, funds affiliated with Baring Private Equity Asia (BPEA) bought about 30 per cent stake in NIIT Technologies from NIIT Ltd. The transaction, which closed in May, saw NIIT Ltd receiving gross proceeds of Rs 2,020.4 crore in cash.

NIIT Ltd had then constituted a committee to make recommendations for utilisation of proceeds for rewarding shareholders and following that the board had approved the buyback proposal in August this year.

"The shareholders of the company have passed the special resolution to approve the Buyback on October 3, 2019 through postal ballot process. The voting result has been announced on Friday, October 4, 2019," the regulatory filing on Friday said.

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