Nucleus Software offers ₹159 crore buyback
- ByStartupStory | September 25, 2021
Nucleus Software Exports on Friday announced a buyback of about Rs 159 crore. In a statement to the Exchange, the company said, “The Board of Directors approved a plan to repurchase its shares on a pro-rata basis through the Tender Offer route in accordance and consonance with the provisions contained in the Securities and Exchange Board of India Regulations, 2018 and the Companies Act, 2013, subject to the shareholders’ approval.”
Under the offer, Nucleus Software will receive Rs. 22,67,400. It has offered to repurchase 10 shares at a price of Rs.700 per share not exceeding Rs.1,58,71,80,000.
He added, “The maximum repayment rate represents 24.90% and 24.01% of the total equity capital paid out and the free reserves based on the audited individual and consolidated financial statements for the last financial year ending March 31, 2021, respectively”.
The purpose of a stock repurchase plan is to control the fall in the value of a stock by reducing the distribution of shares.
Nucleus Software is at the forefront of providing lending and transaction banking solutions to global financial services. In the June 2021-22 quarter (Q1 FY22), the company reported 83% (YoY) and 78% quarterly (QoQ) growth in the year to Rs. 6 crores.
Shares of the company rose 2.80% to close at Rs 609 on the BSE.
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