Nucleus Software Exports Announces Buyback Offer Of Nearly Rs 159 Crore

Nucleus Software "proposes to buy-back up to 22,67,400 equity shares of Rs 10 each."

New Delhi: Nucleus Software Exports has introduced a buyback supply of round Rs 159 crore on Friday. The firm in a notification to exchanges mentioned, "The Board of Directors on September 24 approved the proposal for buyback of its shares from the equity shareholders on a proportionate basis through the tender offer route."

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Under the supply, Nucleus Software "proposes to buy-back up to 22,67,400 equity shares of Rs 10 each, comprising of 7.81% of the total paid-up equity capital of the company, from the equity shareholders of the company, at a price of Rs 700 per equity share, for an aggregate amount not exceeding Rs 1,58,71,80,000."

It additionally mentioned, "The maximum buyback size represents 24.90% and 24.01% of the aggregate of the total paid up equity capital and free reserves based on the audited standalone and consolidated financial statements, respectively, for last financial year ended on March 31, 2021."

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The goal of a share buyback programme is to arrest the autumn within the worth of a inventory by decreasing the availability of the inventory.

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Nucleus Software is main supplier of lending and transaction banking options to the worldwide monetary providers. In June quarter of 2021-22 (Q1 FY22), the corporate had posted 83% year-on-year (YoY) and 78% quarter-on-quarter (QoQ) drop in its consolidated web revenue at Rs 6 crore.

The firm's shares closed 2.80% increased at Rs 609 on BSE.