Nucleus Software gets shareholders' nod for Rs 159 crore share buyback

Financial banking solutions company, Nucleus Software Exports announced on Wednesday that its shareholders have approved the proposed buyback of 22,67,400 equity shares for Rs 159 crore. 

The company said in a statement that the proposed share buyback of 22,67,400 equity shares, for an aggregate amount not exceeding Rs 159 crore. 

The total buyback shares represent 7.81% of the total paid-up equity capital of the company. The buyback is proposed to be made at Rs 700 per share. Nucleus Software had sought shareholders nod through a postal ballot process, the results which were announced on November 16.

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After getting the approval, the company has fixed November 27 as the record date for ascertaining the names of shareholders eligible to participate in the buyback. The promoters held a 67.59% stake in the company as of September 30, 2021.

Vishnu Dusad, managing director, Nucleus Software, said, "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."

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"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," he added.

Nucleus Software Exports is one of the oldest software product companies in India that provide lending and transaction banking products to global financial leaders.