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Nucleus Software “proposes to buy back up to 22.67,400 shares of Rs 10 each”.
New Delhi: Nucleus Software Exports announced a buyout offer of approximately Rs 159 crore on Friday. The company in a stock exchange notification said: “The board of directors on September 24 approved the proposal to repurchase its shares from shareholders on a pro rata basis through the takeover bid.”
As part of the offer, Nucleus Software “proposes to buy back up to 22.67,400 participating shares of Rs 10 each, comprising 7.81% of the total paid-up share capital of the company, from the shareholders of the company, at a price price of Rs 700 per share, for a total amount not exceeding Rs 1,58, 71, 80,000. “
He also said: “The maximum size of the buyback represents 24.90% and 24.01% of the total of the total equity released and free reserves based on the individual and consolidated audited financial statements, respectively, for the last financial year ended March 31, 2021.. “
The objective of a share buyback program is to stop the decline in the value of a share by reducing the supply of the share.
Nucleus Software is the leading provider of lending and transaction banking solutions for global financial services. As of the June 2021-2022 quarter (Q1 FY22), the company recorded an 83% year-on-year (YoY) and 78% quarter-on-quarter (QoQ) decline in its consolidated net profit at Rs 6 crore.
The company’s shares closed up 2.80% at Rs 609 on BSE.
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