Nucleus Software Exports announced on Thursday that it will buy back shares worth ₹72.36 crore at a price of ₹1,615 per share. This buyback price is 12% higher than the current market price of ₹1,441. However, following this announcement, the stock price dropped by 5%.
The company has set September 3 as the record date for this buyback, which will be done through a tender offer. Nucleus Software plans to buy back up to 4,48,018 shares, which is about 1.67% of its total equity. This is the second time the company is buying back shares, with the first buyback happening in September 2021.
After a strong 32% rally over the past two days, the stock saw some profit-taking on Thursday. Despite this, shares of Nucleus Software have increased by 266% over the last two years. Over the past year, the stock is up 41.5%, and it has gained 4.4% in the last 6 months and 7.7% in the last 3 months. Nucleus Software is an Indian IT company that provides services to the banking and financial sectors.
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