NIIT Tech slips 3% as Baring PE Asia looks to acquire stake

NEW DELHI: Shares of NIIT Tech slipped nearly 3 per cent on Monday after Baring Private Equity (Asia) agreed to buy out 30.6 per cent stake from NIIT and other promoters in NIIT Technologies for Rs 2,627 crore. Baring will also make an open offer to purchase up to 26 per cent shareholding to comply with Sebi norms.

The NIIT Tech scrip dipped nearly 3 per cent to hit a low of Rs 1,310.90. Later, the scrip was hovering at Rs 1317.05, down 2.40 per cent at 09:44 am. This was against a 0.01 per cent rise in the BSE Sensex.

"The Hong Kong-based private equity group signed a definitive agreement to purchase approximately 18.85 million NIIT Technologies shares from NIIT Ltd and other promoter entities, representing 30.6 per cent of the company at Rs 1,394 per share," ET reported.


"This includes about 14.4 million shares of NIIT Ltd, the listed parent that owned 23.5 per cent of NIIT Technologies and about 4.3 million shares (7.10 per cent) held by members of families of NIIT founders Rajendra Pawar and Vijay Thadani," the report added.

Earlier in the day, the stock opened at Rs 1354.80 on BSE against its previous closing of Rs 1349.50.

The shares of the company closed 3.59 per cent lower at Rs 1301 on BSE.