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NIIT Tech Open Offer To Commence From 31 May


After Baring Private Equity bought stake in the tech company NIIT on Friday announced that its open offer will tentatively begin on May 31 and close for subscription of June 14.

For a 30% stake in the mid-size IT player, the financial consideration amounted to as much as Rs. 2,627 crore. As part of the deal, BPEA will make an offer to shareholders of NIIT Tech to buy up to additional 26% shareholding.

NIIT Tech Open Offer To Commence From 31 May

Thus making the total deal to be up to Rs. 4,890 crore.

Also the filing specified that the last date to file the draft letter of offer (DLoF) with the Securities and Exchange Board of India (Sebi) is 23 April.

Hulst BV along with The Baring Asia Private Equity Fund VII LP, The Baring Asia Private Equity Fund VII LP1 and The Baring Asia Private Equity Fund VII SCSp will make the open offer for up to 1.62 crore fully paid-up equity shares that represents 26 per cent stake.

The transaction is conditional upon customary conditions, including receipt of required regulatory approvals, including anti-trust and competition clearances from the Competition Commission of India.

Read more about: niit technologies
Story first published: Saturday, April 13, 2019, 11:42 [IST]
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