NIIT Ltd will buyback nearly 98,75,000 shares for about Rs.237 Crores. In a filing to the stock exchanges, NIIT Ltd said it will buyback percent of the fully paid-up equity shares at a price of Rs.240/- per share.
The board of directors of NIIT Ltd approved the proposal to buyback of not exceeding 98,75,000 Lakhs equity shares of face value of Rs 2 each of the company (representing 6.978 percent of the total number of fully paid-up equity shares in the paid-up share capital of the company) at a price of Rs.240 per equity for an aggregate consideration not exceeding Rs 237 crores," it said.
NIIT Buyback 2020 Offer Details:
| Buyback Type: | Tendor Offer |
| Buyback Record Date: | Jan 2021 |
| Buyback Offer Amount: | ₹ 237 Crore |
| Date of Board Meeting approving the proposal: | Dec 24 2020 |
| Date of Public Announcement: | Dec 24 2020 |
| Buyback Offer Size: | 6.798% |
| Buyback Number of shares: | 98,75,000 |
| Price Type: | Tendor Offer |
| FV: | Rs. 2 |
| Maximum Buyback Price: | ₹ 240 Per Equity Share |
NIIT buyback of 98,75,000 equity shares which is around 6.798% of all the existing number of equity shares at a price of ₹240 per equity share. The buyback offer not exceeding of ₹237 crore of total buyback offer size.
NIIT Buyback Important Dates
In this section we have covered all important dates related to “NIIT Buyback Date”. Dates are updated as they are announced. The most noted dates are NIIT Ltd record date and NIIT Ltd buyback open and close dates, which one should use to participate in buyback.
| Buyback Activity | Date |
|---|---|
| Board Meeting for NIIT Buyback proposal | 24.12.2020 |
| NIIT Ltd Buyback Approval date | 24.12.2020 |
| Public Announcement of NIIT Buyback | 24.12.2020 |
| NIIT Ltd Buyback Record Date | 24.02.2021 |
| NIIT Ltd Buyback opens on/Buyback Opening Date | 01.2021 |
| NIIT Ltd Buyback closes on/Buyback Closing Date | 01.2021 |
| Cut-off date to receive completed tender forms by Registrar | 01.2021 |
| Cut-off date for verification by the Registrar | 01.2021 |
| Cut-off date to inform Stock Exchange on acceptance or non-acceptance of tendered Equity Shares by Registrar |
01.2021 |
| Last date of settlement of bids on the stock exchange | 01.2021 |
| Last date to return unaccepted shares by Registrar | 01.2021 |
| Last date of extinguishment of Equity Shares | 01.2021 |
Note: If anything you want to know about the buyback offer you can refer the NIIT buyback offer documents. Click Here
How to Participate in NIIT buyback?
1. Firstly, to be eligible for the buyback the investor should have shares of NIIT in demat or physical form as on record date (not announced)
2. Once you have shares in demat, you can participate in the buyback process which is opening from [Not Announced], by selling your shares through your broker on NSE or BSE.
3. Then on [Not Announced] the payment will be given to you for accepted shares and unaccepted shares will be returned to your demat account.
Checkout Current Industrial And Prudential Investment Company Shares market price on NSE and BSE: NIIT
The NIIT approved a proposal for buyback of up to 9,875,000 fully paid-up Equity Shares of the Company of face value Rs. 2 each, being 6.798% of the total issued and paid-up equity share capital of the Company as per the audited consolidated and standalone condensed interim financial statements ("Audited Condensed Interim Financial Statements") as on 31.03.2020, for an aggregate amount not exceeding Rs. 237 Cr, which is not exceeding 25% of the aggregate of the total issued and paid-up equity share capital and free reserves as per the Audited Condensed Interim Financial Statements of the Company as at and for the period as on 31.03.2020 at Rs. 240 per share via " Tender Route".
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About NIIT :
Established in 1981, NIIT Limited, a global leader in Skills and Talent Development, offers multi-disciplinary learning management and training delivery solutions to corporations, institutions, and individuals in over 40 countries. The company ranks among the world’s leading training companies owing to its vast, yet comprehensive array of talent development programs.
With a strong focus on assuming a leadership role in the Digital Learning World and to further accelerate NIIT’s growth and profitability, the company has charted a focused business strategy to address the Digital Transformation needs for individuals and corporate customers by offering training and consulting to help them re-invent themselves & their organizations.
Further, NIIT entered into a strategic partnership with UP! Your Service, the global leader in creating cultures of service excellence worldwide, to implement a culture of service excellence across organizations. The partnership with UP! Your Service is a strategic move to expand NIIT’s Corporate Learning portfolio to deliver internal and external cultures of Service Excellence. In addition to its cutting-edge Managed Training Services (MTS), NIIT will now offer services like Service Culture Indicator, Service Leader Workshops, and Service Excellence Workshops to take organizations to a new level of service that is enabled by fundamental principles and actionable models.
The Training.com learning platform is a pioneering initiative for advanced career programs, which are delivered live by industry experts in an immersive and interactive online mode, combining instructor-led classrooms with the convenience of accessing the training sessions from anywhere. The programs are targeted at working professionals who want to take their careers to the next level by enhancing their knowledge of the latest concepts through programs offered from premier institutes like IIM Calcutta, DMI Ireland, and edX.
NECESSITY OF BUYBACK By NIIT
2.1 The Buyback is being proposed by the Company to service the equity more efficiently. Additionally, the Company’s management strives to increase equity shareholders value and the Buyback would result in amongst other things
:a) The Buyback is being done to return surplus funds, after taking into account the strategic and operational cash needs of the Company in the short to medium term
b) The Buyback may help in improving earnings per share, return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders’ value;
c) The Buyback gives an option to the equity shareholders, who can either
(i) choose to participate and get cash in lieu of Equity Shares to be accepted under the Buyback; or
(ii) choose to not participate and enjoy a resultant increase in their percentage shareholding, post the Buyback, without additional investment;
d) The Buyback, which is being implemented through the Tender Offer as prescribed under the Buyback Regulations, shall be from its existing securities holders on a proportionate basis in accordance with the provisions of Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018: provided that fifteen percent of the number of securities which the Company proposes to Buyback or number of securities entitled as per their shareholding, whichever is higher, shall be reserved for small shareholders.
Company Contact Information
NIIT Limited
85, Sector 32, Institutional
Gurgaon 122001
India
+91 (124) 4293000
+91 (124) 4293333
NIIT Buyback 2020 FAQs:
When is NIIT Buyback Record Date?
NIIT buyback 2020 buyback date is 24-Feb-2021.
When is NIIT Buyback announcement Date?
NIIT buyback 2020 announcement Date is 12-Feb-2021.
What is NIIT Buyback Price?
The company has fixed the maximum price of ₹240
How to apply for NIIT Buyback 2020?
As per the record date you need to have NIIT shares in your demat account. You can participate in buyback after having the stock in your account.
