Nucleus Software Exports Ltd. announced a share buyback worth Rs 72.36 crore on Thursday. The board approved buying back 4.48 lakh shares with a face value of Rs 10 each at Rs 1,615 apiece, it said in an exchange filing.
The buyback represents Nucleus Software Exports' 1.67% of fully paid-up equity capital, the exchange filing said. The record date for determining eligibility is Sept. 2. The buyback will take place through a tender offer.
The board approved Corporate Professionals Capital Pvt. as the buyback manager and Bharat Bhushan Equity Traders Ltd. as the broker, it said in the filing.
According to BSE data, as of June 3, the company had a total outstanding of 2.68 crore shares. The promoter group holds 73.27% of the shares, while the remaining 26.73% are owned by the public.
In November 2021, the software products provider had bought back 22.67 lakh shares, or 7.81% of its shareholding, for Rs 158.71 crore.
Shares of Nucleus Software Exports fell 6.03% to Rs 1,432.20, the lowest level since Aug. 20. It was trading 5.09% lower at Rs 1,446.45 as of 1:05 p.m., compared to 0.16% advance in the NSE Nifty 50 index.
The stock gained 40.35% in 12 months, but declined 1.29% on year to date base. Total traded volume so far in the day stood at 3.4 times its 30-day average. The relative strength index was at 57.48.
One analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.6%
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