NIIT surges 19% on announcement of share buyback schedule

The company's board on December 24, 2020, had approved an up to Rs 237 crore buyback proposal at Rs 240 per equity share

Shares of NIIT surged 19 per cent to Rs 163.70 on the BSE in intra-day trade on Thursday after the company announced that its buyback offer would open on April 12, 2021. The buyback, which is proposed to be made under the tender offer route, will close on April 28, 2021.

The company’s board on December 24, 2020, had approved an up to Rs 237 crore (of around 9.8 million shares) buyback proposal at Rs 240 per equity share.

As of December 2020, the promoters held a 34.27 per cent stake in NIIT. Foreign portfolio investors have 23.80 per cent holding, followed