Nucleus Software has revealed plans for a ₹72.35 crore share buyback program, aiming to repurchase nearly 4.5 lakh equity shares, which amounts to 1.7% of its total equity capital. The buyback price is set at ₹1,615 per share, representing a 20% premium over the most recent closing price of ₹1,347.05.
The buyback will be carried out through a “tender offer” process, following SEBI Buyback Regulations. This move will utilize 9.90% of the company’s total paid-up equity capital and free reserves, based on audited financials from March 31, 2024.
This is Nucleus Software’s third buyback, with previous programs conducted in 2017 and 2021, the last one priced at ₹700 per share. The uptick in buybacks by over 17 companies since July 23 is attributed to new tax regulations introduced in Budget 2024.
Despite a 1.5% drop in the stock price on Thursday, closing at ₹1,347.05, the stock has seen a 37.37% increase over the past year, with a 52-week high of ₹1,822.95.
