NIIT, an IT learning solutions provider, announced that its board has approved Rs 2,370 million buyback plans on Monday.

The company on December 24 said its board has approved an up to Rs 2,370 million buyback proposal at Rs 240 a equity share.

"The board of directors of the company at its meeting held on Dec. 24, 2020, has approved a proposal for buyback of up to 9,875,000 fully paid-up equity shares of the company of face value of Rs 2 each...for an aggregate amount not exceeding Rs 2,370,000,000," the company said.

The buyback, which is proposed to be made under the tender offer route, is subject to shareholders' approval by passing a special resolution through postal ballot, the board of the company said.

The public announcement setting out the process, timelines and other requisite details would be released in due course, it added.

Shares of the company gained Rs 7.3, or 3.64%, to trade at  Rs 207.70.  The total volume of shares traded  was  166,710 at the BSE (1.10 p.m., Monday).