NIIT Tech: Hulst BV's open offer for NIIT Tech to start from Jul 15

NIIT Technologies Monday said Hulst BV's open offer to acquire an additional 26 per cent stake in the company will commence from July 15.

In April, funds affiliated with Baring Private Equity Asia (BPEA) had bought about 30 per cent stake in the mid-sized IT services firm NIIT Technologies from NIIT Ltd and other promoter entities for about Rs 2,627 crore.

The deal triggered an open offer under which BPEA is making an offer to the public shareholders of NIIT Technologies for purchasing up to 1,62,29,173 additional shares at Rs 1,394 apiece.

Hulst BV, an investment holding company registered in the Netherlands, is a part of BPEA.

In a regulatory filing on Monday, NIIT Technologies told the BSE that the open offer will begin on July 15 and close on July 26.

The last date for communicating the rejection/acceptance and completion of payment of consideration or refund of equity shares to the public shareholders of NIIT Technologies is August 9, 2019, it added.

The open offer for up to 1.62 crore fully paid-up equity shares (representing 26 per cent stake) will be made by 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.

The filing noted that as on the date, Hulst BV holds over 2.15 crore equity shares of the company, representing 34.58 per cent of the expanded voting share capital.

Between May 10-June 28, the acquirer has picked up more than 27.3 lakh shares worth over Rs 353 crore from the open market.

Shares of NIIT Technologies closed 0.74 per cent lower at Rs 1,313.10 apiece on the BSE.