Share price of NIIT jumped over 3.5% after the company board approved Rs 2,370 million buyback plan 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 NIIT are trading at Rs 208, up Rs 7.60, or 3.79% at the Bombay Stock Exchange (BSE) on Monday at 12:43 p.m.

The scrip has touched an intra-day high of Rs 209.90 and low of Rs 204.40. The total volume of shares traded at the BSE is 161,675.

In the earlier session, the shares climbed 3.38%, or Rs 6.55, at Rs 200.40.

Currently, the stock is trading all time 52-week high, which is above 286.83% over the 52-week low of Rs 53.55.