New Delhi: NIIT Technologies Limited has announced that funds affiliated with Baring Private Equity Asia (“BPEA”), have signed definitive agreements to purchase approximately 18.85 million NIIT Technologies Limited shares (approximately 30% shareholding on a fully diluted basis in NIIT Technologies) from NIIT Limited and other promoter entities at a price of INR 1394 per share. The aggregate consideration for purchase of shares from promoter entities is estimated to be approximately INR 2627 crores (US$ 381 million at INR / USD exchange rate of 69).
In accordance with the Securities and Exchange Board of India Regulations, BPEA will make an open offer to the public shareholders of NIIT Technologies to purchase up to 26% additional shareholding at a price of INR 1394 per share. The aggregate consideration for purchase of shares from promoter entities and the open offer is estimated to be up to approximately INR 4890 crores (US$ 709 million at INR / USD exchange rate of 69) based on ownership of approximately 56% stake.
This transaction is conditional upon customary conditions, including receipt of required regulatory approvals, including anti-trust and competition clearances from Competition Commission of India.