The company proposes to buyback upto 22,67,400 equity shares, comprising of 7.81% of the total paid-up equity capital of the company, at Rs 700 per share, for an aggregate amount not exceeding Rs 158.71 crore.

Shares of Nucleus Software Exports rose 2.80% to Rs 609 on Friday. The buyback price is 14.94% premium to Friday's closing price.

"The Maximum Buyback Size represents 24.90% and 24.01% of the aggregate of the total paid-up equity capital and free reserves of the Company based on the audited standalone and consolidated financial statements of the Company, respectively, for last financial year ended on 31 March 2021," the company said.

The public announcement for the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations, it said.

The dates of the buyback offer will be mentioned in the public announcement, the filing added.

As on 17 September 2021, promoters held 67.59% stake in the company.

Nucleus Software Exports provides lending and transaction banking software for banks and financial institutions in areas of mobility, retail and corporate banking.

On a consolidated basis, the company reported a 78% decline in net profit to Rs 6 crore on 12.68% decline in net sales to Rs 108.44 crore in Q1 FY22 over Q4 FY21.

The stock hit a record high of Rs 765.35 on 2 July 2021. The stock has soared 27.94% from its 52-week low of Rs 476 on 31 March 2021.

In the past one month, the stock has surged 10.90% as against 7.31% rise in the Sensex. It has fallen 2.72% in the past one year compared with 64.28% surge in the Sensex.