INSUBCONTINENT EXCLUSIVE:
Nucleus Software "proposes to buy-back up to 22,67,400 equity shares of Rs 10 each."New Delhi: Nucleus Software Exports has announced a
The company in a notification to exchanges said, "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."Under the offer, 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 also
said, "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."The objective
of a share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock.Nucleus Software is leading
provider of lending and transaction banking solutions to the global financial services
In June quarter of 2021-22 (Q1 FY22), the company had posted 83% year-on-year (YoY) and 78% quarter-on-quarter (QoQ) drop in its
consolidated net profit at Rs 6 crore.The company's shares closed 2.80% higher at Rs 609 on BSE.
