Nucleus Software, one of the oldest and leading software product companies in India that provides a host of lending and transaction banking products to global financial leaders has announced the postal ballot results of their proposed buyback of 22,67,400 equity shares, for an aggregate amount not exceeding ~Rs159cr. The total buyback shares represent 7.81% of the total paid-up equity capital of the company.
The shareholders of the Company approved the Buyback, by way of Postal Ballot through remote e-voting pursuant to the postal ballot notice dated October 12, 2021 (the “Postal Ballot Notice”), as a Special Resolution. The results of which were announced on November 16, 2021. As required under the Buyback Regulations, the Company has fixed November 27, 2021, as the record date (the “Record Date”) for the purpose of determining the entitlement and the names of the equity shareholders who are eligible to participate in the Buyback. The buyback is proposed to be made from the existing shareholders of the company as on the record date on a proportionate basis under the tender offer route. The relevant timetable for participation in Buyback will be included in the letter of offer to be sent in due course to the Eligible Shareholders.
The Buyback is proposed to be made at a price of ~INR 700 (per piece), as against the face value of ~INR 10 each. The closing Market Price as on the date of declaration of Postal Ballot Results at BSE was INR 579.30, while at NSE was INR. 579.25.
Mr. Vishnu Dusad, Managing Director, Nucleus Software, said: “At Nucleus Software, we are committed to creating long-term value for our people, clients, and shareholders. The buyback will enable us to return a part of the surplus funds to the equity shareholders broadly in proportion to their shareholding. The rapid digital transformation of BFSI institutions globally inspires our confidence in the market that is at the cusp of redefining the customer experience, speed, and 24/7 banking. The BFSI sector is leading the digital-first revolution globally. We have the pole position to bring this transformation alive with our deep expertise and robust product portfolio in the lending and transactions business.”
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( With inputs from indiainfoline)