NIIT China (Shanghai) to offload stake in Wuxi NIIT for CNY 3.75 mn

NIIT Ltd today said its step down subsidiary, NIIT China (Shanghai) will sell its entire 60 per cent shareholding in Wuxi NIIT for CNY 3.75 million (about Rs 3.98 crore).

"...NIIT China (Shanghai) Ltd, a step down subsidiary of the company has entered into an agreement to sell its entire 60 per cent shareholding in its subsidiary company ie Wuxi NIIT Information Technology Consulting Ltd (Wuxi NIIT)," NIIT said in a BSE filing.

It added that the move is in line with the company's focus on education centre consolidation and delivery through SLT platform and digital transformation initiatives.

"As per agreement, Wuxi has agreed to take up all responsibilities and obligation for the operation and management, claims and debts of Wuxi NIIT with effect from December 1, 2017," it said.

The filing added that the transaction involves sale of 4.8 lakh shares aggregating to 60 per cent paid-up capital of Wuxi NIIT. The deal is subject to approval of NIIT GC Ltd (Mauritius), the holding company of NIIT China.

"Out of the total consideration of CNY 3.75 million, CY 1 million (has been) received and balance CNY 2.75 million to be received on July 31, 2018," it said.